NSFAS Alters Course Pass Criteria for 2024 – Latest Update

NSFAS Alters Course Pass Criteria for 2024 – Latest Update

NSFAS Alters Course Pass Criteria for 2024 – Latest Update. In a recent announcement, Minister Blade Nzimande of higher education and training revealed a significant alteration to the pass criteria for financial aid provided by NSFAS starting from the next academic year.

Revised Pass Criteria

Starting from the academic year 2024, students seeking financial aid must now achieve a course credit pass rate of at least 60% by the end of the academic year to be eligible for funding in the following year. Failure to meet this criterion will result in the denial of financial assistance.

Specific Requirements for TVET College Students

For students in Technical and Vocational Education and Training (TVET) colleges, a bursary will only be granted if they progress to the next national certificate level and have passed at least five subjects in the preceding national certificate level.

Current NSFAS Status and Applications

Application Statistics

As of January 21, NSFAS has received a total of 1,545,822 applications for the current academic year. Among these, 657,703 are Sassa recipients who have been provisionally funded. NSFAS anticipates additional applications before the application cycle concludes on January 31.

Debt Recovery Efforts

NSFAS faces significant outstanding debts to various universities, dating back to 2017, and is owed over R40bn by previous beneficiaries. In the current financial year, the scheme has successfully recovered over R110m, with the assistance of the Special Investigating Unit (SIU), securing acknowledgments of debt totaling R4m from former beneficiaries.

SIU’s Role and Recoveries

The SIU has played a crucial role in recovering debts, obtaining acknowledgments of debt exceeding R4m from individuals and over R38m from institutions of higher learning. Over R58m has been recovered from institutions, held in trust at the SIU. NSFAS and SIU are actively engaged in the process of returning these funds.

See also  How To Cancel Your NSFAS Application

Minister’s Appeal and Loan Scheme Sustainability

Minister Nzimande appeals to students, urging them to step forward and meet their financial obligations, ensuring the sustainability of the loan scheme. Making necessary arrangements to commence or continue payments is vital for the overall health of the loan scheme.

NSFAS Funding Growth and Budget Cut Impact

Despite facing challenges, NSFAS has demonstrated substantial growth in funding, increasing from disbursing R21.4m in 1991 to almost R48bn in 2023. However, the scheme has been impacted by a 10% budget reduction by Treasury, affecting over 80,000 students in the current academic year. NSFAS spokesperson Ishmael Mnisi emphasizes that this budget cut will impact the intake of students for the ongoing academic year.

Similar Posts