NSFAS LOANS
What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a loan and bursary scheme operating in terms of Act 56 of 99 and funded by the National Department of Education. NSFAS has been established to assist academically deserving and financially needy students to achieve academic goals at tertiary educational institutions in South Africa, with particular concern in overcoming barriers created by structural disadvantagement.
What does NSFAS offer?
- The means to obtain a tertiary qualification
- Loans at low interest rates
- Loans without guarantees
- A reasonable repayment plan
NSFAS convert loan (s) to a Bursary. Up to 40% of the award may be converted into a bursary depending on your end of year results.
- If you pass all the courses for which you have registered, you qualify for a 40% bursary.
s - If you pass three quarters of the course, you qualify for a 30% bursary.
- If you pass half of the courses, you qualify for a 20% bursary.
- If you pass one quarter of the course, you qualify for a 10% bursary.
- If you pass none of the courses, you qualify for no bursary at all.
What is a loan?
- A loan is the money you borrow to cover tertiary studies.
- This loan has to be repaid.
Who qualifies for a NSFAS loan?
You can qualify for a NSFAS loan if you are:
- A South African citizen;
- Registered at a South African university or University of Technology;
- An undergraduate, studying for a first tertiary educational qualification; or
- Studying for a second tertiary qualification, if this is necessary to practice in your chosen profession; (e.g. LLB or HDE)
- Able to demonstrate potential for academic success;
- Financially needy;
- You will, however, be expected to make your own family contribution towards the total costs of your studies.(EFC)
How much money do you get?
- There is a minimum award and a maximum award, which is determined annually by NSFAS. Please enquire at the Financial Aid Office for the current limits.
Where do you apply for a loan?
At the Financial Aid Office of the Vaal University of Technology.
NOTE: Interest on NSFAS awards is determined annually by NSFAS.
Contact numbers: (016) 950 9484, 9972, 9486, 9485, 9571
Brochures for NSFAS ‘Students guide to funding’ are available at the Financial Aid Bureau office.