NSFAS Payment Schedule

By | February 4, 2022

NSFAS Payment Schedule

NSFAS Payment Schedule

NSFAS was established according to the National Student Financial Aid Scheme Act (Act 56 of 1999) and incorporated TEFSA (Tertiary Education Fund of South Africa). From 1993 to 2000, TEFSA was the primary non-profit company in terms of Section 21 of the Companies Act and ceased to operate in July 2000. All existing loans on the TEFSA books were transferred to NSFAS.

Their mission is to transform NSFAS into an efficient and effective provider of financial aid to students from poor and working-class families in a sustainable manner that promotes access to, and success in, higher and further education and training, in pursuit of South Africa’s national and human resource development goals.

The National Student Financial Aid Scheme (NSFAS) was established in terms of the National Student Financial Aid Scheme (Act 56 of 1999).

The mission statement is made up of three distinct elements, which describe why NSFAS exists and the impact on the constituency:

  • NSFAS exists to provide financial aid to eligible students at TVET colleges and public universities;
  • NSFAS identifies eligible students, provides bursaries and collects past student loan repayments to replenish the funds available for future generations of students; and,
  • NSFAS 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.

How long does it take for Nsfas to pay?

NSFAS allowances will be paid during the first week of each month over a period of 10 months.

How much does Nsfas give to TVET college students?

You might wonder which NSFAS allowances are given to students from TVET College and what else NSFAS covers. Here’s your answer. All students funded by NSFAS get a personal allowance which is R2 900 per year.

NSFAS provides the following allowances to students:

  • Personal Care Allowance
    • All students funded by NSFAS get a personal allowance which is R2 900 per year.
  • Transport Allowance
    • If you live less than 40km away from the College, you’re eligible for the transport allowance and you’ll receive R7 350 per year.
  • Accommodation Allowance
    • For students who live in private accommodation more than 40 km from the College:
      • Students who live in rural areas receive R15 750 per year
      • Students who live in peri-urban areas receive R18 900 per year
      • Students who live in urban areas receive R25 200 per year
    • If students are residing in the College’s hostel accommodation, their accommodation allowance comes to R33 000 per year
See also  NSFAS Balance

Who qualifies for NSFAS funding?

  • All South African citizens
  • All SASSA grant recipients qualify for funding
  • Applicants whose combined household income is not more than R350 000 per annum
  • A person with a disability: Combined household income must not be more than R600 000 per annum
  • Students who started studying before 2018 whose household income is not more than R122 000 per annum.

Your NSFAS application will not be considered if you

  • already had NSFAS funding in 2020.
  • have already completed an undergraduate degree/diploma.
  • are not a South African citizen.
  • need funding for a short learning certificate or program.
  • need funding for a postgraduate qualification, with an exception of the following qualifications:
    • BTech – Architecture / Architectural Technology
    • BTech – Engineering (all disciplines), Cartography, Forestry
    • BTech – Biokinetics, Biomedical Technology, Biotechnology
    • BTech – Chiropractic, Homoeopathy, all Nursing
    • BTech – Clinical or Dental Technology, Emergency Medical Care
    • Postgraduate Certificate in Education

 

HOW TO APPLY

  1. To begin, you must create your myNSFAS account
  2. After that, you click the Apply tab
  3. Update all your NSFAS online Application 2022-2023 information.
  4. Upload your supporting documents
  5. Submit your application by clicking on the “SUBMIT” button

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