NSFAS Student Loans Still Available
Although NSFAS applications were originally planned to close on the 31st of January they have now been extended until the 15th of February.
As well as the general applications for undergraduate funding this also gives more time for students for qualifying for the new 'missing-middle' student loan funding to apply.
This student loan funding is available to student from families with a combined household income of between R300,000 and R650,000 per annum. This NSFAS loan scheme is available for both undergraduate and postgraduate courses.
How Much Money Is Available In This Scheme?
Speaking about the launch of the new comprehensive funding model, Nzimande announced that in phase 1 (2024) R3,8 billion will be available to support the loan scheme. R1,5 billion will come from the National Skills Fund with an additional R2,3billlion come from the Setas. This amount is expected to fund 47% of missing middle students.
The Minister added that the fund for missing middle students will grow each year so that in 10 years it will be valued at more than R42 billion.
The DHET has also provided funds to upgrade the NSFAS ICT systems. The missing middle funding will support university students and TVET college students.
As in the past, all NSFAS funding will only be provided for students at public universities and TVET Colleges. No funding will be provided for private colleges or higher education institutions.
How To Apply For The Missing Middle Loans
The Minister announced that these funds for missing middle students will be available for the 2024 academic year and applications can be made now on the mynsfas.org.za website.
The funding is available for students starting their first year or study, as well as those in second or subsequent years of study. In a departure from previous policy with NSFAS the new loan scheme student loans are available for both undergraduate and postgraduate courses.