Students who need to fund their own studies have limited options, such as private loans from banks, part-time employment, assistance from family members and, for the lucky few, bursaries.
What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a loan and bursary scheme operating in terms of Act 56 of 1999 and funded by the National Department of Higher Education, Science and Technology.
What do they do?
For those who are academically deserving and financially needy, National Student Financial Aid Scheme (NSFAS) offers a unique opportunity:
- NSFAS provide financial aid to eligible students at TVET colleges and public universities,
- identifies eligible students, provides bursaries and collects past student loan repayments to replenish the funds available for future generations of students; and,
- supports access to, and success in, higher education and training for students from poor and working-class families who would otherwise not be able to afford to study.
Where does TEFSA fit in?
TEFSA, established in 1991, managed and administered the National Student Financial Aid Scheme since its inception in 1996. Act 56 of 1999 converted TEFSA into a statutory body called NSFAS in July 2000.