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NSFAS Loan Application Closing Date Announced for 2024

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NSFAS Loan Application Closing Date Announced for 2024

NSFAS Loan Application Closing Date Announced for 2024. In an effort to address the funding gap for missing middle and postgraduate students, the Department of Higher Education and the National Student Financial Aid Scheme (NSFAS) have introduced the Comprehensive Student Funding Model. As part of this model, NSFAS loans are now available for students who don’t qualify for a NSFAS bursary. This announcement includes important details about the NSFAS loan scheme, eligibility criteria, application process, and the closing date for submissions.

Check Also: ZA Student Portal

The Comprehensive Student Funding Model

To bridge the funding gap for missing middle students and postgraduates, NSFAS has introduced the Comprehensive Student Funding Model. The model focuses on providing NSFAS loans to students who were rejected during the bursary application process.

Details of the NSFAS Loan Scheme

Students who previously applied for the NSFAS bursary scheme do not need to submit a new application for the NSFAS loan scheme. Those who did not meet the bursary scheme criteria but meet the loan scheme criteria will automatically be considered for a loan. The scheme is open for both undergraduate and postgraduate students at public higher education institutions.

NSFAS Loan Application Deadline

Applications for NSFAS loans targeting missing middle students are currently open and will close on 15 February. Interested students must submit their applications through the NSFAS website, utilizing the myNSFAS portal.

Application Process

To apply for a NSFAS loan, applicants should follow these steps:

  • Visit the NSFAS website
  • Click on the ‘myNSFAS’ button
  • Create a profile
  • Fill in the required fields
  • Log in
  • Submit the application

NSFAS Loan Requirements

To be eligible for a NSFAS loan, applicants must meet the following criteria:

  • Annual household income between R350,000 and R600,000
  • Enrolled in a public TVET College or public University
  • Undergraduate or postgraduate student in years 1 to 4
  • Maintain an average of 60% in coursework for continued funding

Emphasis on STEM Programs

The NSFAS missing middle loans will prioritize Science, Technology, Engineering, and Mathematics (STEM) programs, with 70% of beneficiaries allocated to these fields. The remaining 30% will be distributed to Humanities and social science programs.

Conclusion

The announcement of the NSFAS loan scheme provides a crucial opportunity for students who did not qualify for a bursary. With the Comprehensive Student Funding Model, NSFAS aims to address the financial challenges faced by missing middle and postgraduate students. As the closing date approaches, eligible students are encouraged to submit their applications promptly through the myNSFAS portal on the NSFAS website. Upon approval, students will be required to sign a NSFAS loan agreement to access the financial support they need for their education.

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NSFAS News

NSFAS Board Dissolution Reasons

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NSFAS Board Dissolution Reasons

NSFAS Board Dissolution Reasons. More than a million students rely on funding from the National Student Financial Aid Scheme (NSFAS). However, challenges with their funding have led to the decision by Higher Education Minister Blade Nzimande to dissolve the NSFAS board. This article explores the reasons behind this decision and its implications.

Check Also: ZA Student Portal

Challenges Leading to the Dissolution

Last week, Minister Nzimande decided to dissolve the NSFAS board due to its failure to ensure the financial aid scheme implemented its responsibilities effectively. The board had been unable to carry out basic responsibilities allocated to it by the Minister and the Act governing NSFAS.

NSFAS Role and Responsibilities

NSFAS provides comprehensive bursaries and student loans to deserving students enrolled in approved courses at universities and TVET colleges. This funding covers tuition and registration fees, as well as allowances for food, accommodation, and learning materials. However, recent non-payment of allowances put students at risk, prompting urgent action from the Minister.

Reasons for Dissolution

Minister Nzimande explained that the board had failed to fulfil its duties, including implementing recommendations, ensuring timely payment of student allowances, submitting reports to Parliament, managing organizational capacity issues, and addressing student concerns promptly.

Issues Identified

The dissolution was partly due to irregularities related to the appointment of service providers for direct allowance payments, as highlighted in the Werksmans report. Recommendations from the report, including terminating contracts of certain service providers, were not fully implemented by NSFAS.

Impact of Board Failure

The board’s failure to distribute student allowances caused stress for students and families and jeopardized the stability of some TVET colleges and universities. Additionally, the board’s inability to consult on guidelines for Missing Middle Funding and implement solutions further hindered progress in addressing financial aid gaps.

Reactions and Endorsements

Stakeholders, including student structures and the Parliamentary Higher Education Committee, welcomed the dissolution. The committee endorsed the Minister’s actions, citing NSFAS’s failure to disburse funds effectively and submit required reports to Parliament.

Appointment of Administrator

Following the dissolution, Minister Nzimande appointed Sithembiso Freeman Nomvalo as the new Administrator for NSFAS. Nomvalo will oversee the governance, management, and administration of NSFAS for 12 months, including developing guidelines for Missing Middle Funding.

Conclusion

The dissolution of the NSFAS board reflects the government’s commitment to ensuring effective management of student funding. The appointment of a new Administrator signals a fresh start for NSFAS, with a focus on addressing the challenges that have plagued the scheme and improving its efficiency in supporting students in need.

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