How to Apply for NSFAS Loan Online 2024. The National Student Financial Aid Scheme (NSFAS) endeavors to address the financial gap in education through its Comprehensive Student Funding Model. This model aims to extend NSFAS loans to missing middle students.
Overview of NSFAS Loans
NSFAS provides student loans to those who are ineligible for regular NSFAS funding. These loans are available for both undergraduate and postgraduate students, forming an integral part of the Comprehensive Student Funding Model.
Re-assessment for Rejected Applicants
Students declined for NSFAS bursaries will undergo an automatic re-assessment for eligibility under the missing middle loan scheme.
NSFAS Loan Application Process
To apply for an NSFAS loan, follow these steps:
- Visit the NSFAS website.
- Click on the ‘myNSFAS’ button.
- Select ‘Create a profile.’
- Complete the required fields.
- Log in to your profile.
- Submit your application.
NSFAS Loan Requirements
To be eligible for an NSFAS loan, applicants must meet the following criteria:
- Annual household income between R350,000-R600,000.
- Enrolled at a public TVET College or public University.
- Undergraduate or postgraduate students.
- Application allowed in years 1, 2, 3, or 4.
- Maintain an average of 60% in coursework for continued funding.
Emphasis on STEM Programs
NSFAS missing middle loans prioritize Science, Technology, Engineering, and Mathematics (STEM) programs, with 70% of beneficiaries allocated to these fields. The remaining 30% supports Humanities and social science programs.
Loan Approval and Bursary Conversion
Upon approval, students must sign an NSFAS loan agreement. Successful academic performance can lead to the conversion of up to 50% of the loan into a bursary.
