Is NSFAS A Bursary Or Loan?

Is NSFAS A Bursary Or Loan?

Many people in South Africa aspire to attend college, but the expense of doing so is sometimes a significant barrier. To address this issue, the National Student Financial Aid Scheme (NSFAS) was created to give financial assistance to qualified students. However, NSFAS stands out since it is not either/or. It combines aspects of both bursaries and loans. NSFAS’s major goal is to give financial support to students who would not be able to afford higher education otherwise.

READ: Who Qualifies For NSFAS Funding 2024

Is NSFAS A Bursary Or Loan?

South Africa’s National Student Financial Aid Scheme (NSFAS) primarily provides financial support in the form of a bursary. This implies that the student does not have to repay a major percentage of the NSFAS funds as long as they achieve specific educational requirements and complete their studies within an acceptable time limit. NSFAS consist of a load component and a Bursary component;

NSFAS Loan Component:

This loan component is interest-free while the student is in educational institutions, and the interest rate is income-contingent, which means it is determined by the student’s projected earnings after graduation. Repayments for the loan part begin whenever the student earns more than a specified income level, and the conditions are often more advantageous than regular loans.

NSFAS Bursary Component:

The bursary component of NSFAS covers tuition, and registration fees, and provides students with a living allowance. The best aspect is that this portion of NSFAS funds is not reimbursed if the student achieves specific educational requirements and completes their education on schedule.

READ: Who Qualifies For NSFAS 2024?

How To Apply For NSFAS Bursary/Loan

NSFAS Applications must be done online on the official website of the agency. Follow the steps below to apply for NSFAS bursary/loan;

Visit the official website of NSFAS at: www.nsfas.org.za
Click on the ‘myNSFAS’ tab.
Create a myNSFAS account with your personal information
Click on the ‘APPLY’ tab and complete the sections on the screen
Upload required supporting documents where applicable
Click on ‘Submit’.

Required Documents To Apply for NSFAS Bursary/Loan

Applying for a bursary/loan requires applicants to submit supporting documents. The following documents must be submitted to apply for NSFAS;

Copy of student ID / Birth certificate
Copy of parent/s or guardian/ spouse ID
Smart card: both sides of the card required
Proof of income (where applicable)
Persons living with disability (Disability Annexure A form)
An applicant who is recognised as a vulnerable child by the Department of Social Development must provide a completed Vulnerable Child Declaration form completed by a social worker
An applicant who has indicated that s/he has no family member details and or abridged birth certificate must complete the Declaration: Non-SASSA.

READ: NSFAS Bursary Requirements 2024/2025

Contact NSFAS

NSFAS Virtual Contact Centre