Gone are the days when education was cheaper like other basic commodities, in the modern day learning with tertiary education has vast financial requirements.
About – NSFAS
All those who enrol with universities and colleges should have some form of fat pockets. In South Africa, the majority of people are indirectly denied access to tertiary education by fees barriers.
That means our country continually miss out on the potential of young men and women who should possibly take our country to better levels.
The National Student Financial Aid Scheme (NSFAS) is the principal financier of education in South Africa. The organisation brings opportunities to a vast number of South African students, giving them cheap, reliable and affordable student loans.
NSFAS STUDENT LOANS
NSFAS student loans are currently the best of educational finance packages issued in South Africa. The organisation covers your educational expenses ranging from fees, book levy, accommodation, meals and other related expenses that your institution would have charged. The NSFAS student loans are paid directly to the tertiary institution that an applicant would be enrolled with.
Unlike other student loans offered by private business players, our loans will allow you to go for a long time without making repayments. The NSFAS student loans are only repaid when the client manages to get off the poverty datum line. The organisation is there to see the lives of South Africans get emancipated with educational skills.
WHO CAN APPLY FOR NSFAS STUDENT LOANS?
NSFAS student loans are only obtained by South African students who are enrolled with registered universities and colleges. The organisation does not select based on the institution that you are enrolled with, almost all students who will be taking courses with state-run institutions can qualify for NSFAS student loans.
The applicants should be undertaking a diploma or undergraduate degree; the loans can also cover a few selected postgraduate studies, although postgraduate programmes that are covered sometimes change.
The NSFAS student loans target South African students from low-income families or those that are underprivileged but having the capacity to manoeuvre through academics. With NSFAS student loans students find it easy to learn the affordable way in South Africa.
WHAT DOES NSFAS STUDENT LOANS COST?
The NSFAS student loans come with interest rates that are levied every year, and students will have to make repayments for both the principal loan borrowed and the interest charged.
The organisation is one which charges shallow interests amongst all student loans issued in the country, the interest rates can go as little as 5% per annum, although the specific attention to be paid by the client will be determined by the size of the loan, length of repayment and credit rating.
HOW LONG DOES IT TAKE FOR NSFAS STUDENT LOANS?
Due to a large number of applicants, there will need to do vast assessments for the applicants. In addition to that, NSFAS student loans will also need to match applicants with their academic results.
In general, the applicants can obtain results within a period range of 2 weeks to 6 months after making an application.
The loans are quite easy for students who have obtained the loan in the previous year as the organisation will carry on funding them without having to make a further application.
CAN THE NSFAS STUDENT LOANS BE WAIVED?
NASFAS represents the initiatives that the government of South Africa does to facilitate smooth learning for the citizens.
On some occasions, the NSFAS student loan balances get waived, and the student will be liable for paying nothing but to perform well at school.
The best performers are always rewarded. The NSFAS student loans can be transferred into a bursary when the student gives out outstanding results in their academics. Thus, NSFAS is there to help you right when you need help.
Similar to banking and other financial services that are offered in South Africa, the NSFAS student loans will need personal and financial information of the applicants.
The applicants will need to be South African students who are registered with universities and colleges where they will be taking a diploma or undergraduate degree.
The applicants will be required to submit the following documents during the application process.
- Statement of educational results
- South African national identity document
- Proof of residential address not older than three months
- A copy of the registration or acceptance at the relevant tertiary institution in South Africa.
HOW DO I APPLY FOR NSFAS STUDENT LOANS?
The best way to apply for NSFAS student loans is to use the online application portal.
The application is a staged procedure that will need students to fill correct and complete information as the information will be shown on their documents. During the application, all required documents should be submitted before the actual application is submitted.
When this is done, the student will then need to wait for the calls from NSFAS when they are successful.