How much nsfas money
How much nsfas money
SFAS 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.
The NSFAS Act enables any student to apply for a bursary from NSFAS but allows the board to impose conditions, generally, or in respect of a particular loan or bursary. Such conditions include the use of the means test and the loan conversion of up to 40 per cent of any loan as an incentive for academic success.
It provides for payment by NSFAS of the amount of the loan or bursary “to the designated higher education institution”, rather than to the applicant. It also allows NSFAS to enter into what is in effect an agency agreement with higher education institutions (HEIs) or further education and training (FET) colleges.
Nsfas late application for 2023
NSFAS Application for 2023 will be opening on 1st September and close on 30th January 2023, visit www.nsfas.org.za.
How Much Does NSFAS Give For Allowances?
A lot of people (mostly students) keep wondering how much they will receive for their allowances. Here is something reliable, as it is coming from information made available on the NSFAS website.
NSFAS Allowance Amount
|NSFS Allowance Category||Annual Amount||Self-Catered/Catered Res|
|Study Materials (Once Off)||R5,200||R5,200|
|Accommodation (Max)||R5,617 (Private)|
It was stated that the following allowances are included in the bursary:
Asides from tuition fees, every student needs a conducive place to stay during their journey of study. This has been covered in the allowance system, but there’s no fixed amount, due to obvious factors. But you should note that it is the exact cost the university charges, nothing more, nothing less.
It should also be noted that if it’s a private school, the cost must not exceed costs for university residence.
Movement is critical, and no student will stay at the same place. This is then covered in the allowance system. Students will get R7 500 per year to cover these expenses. It should be noted that it is up to 40 km from the School.
- Living allowance
One has to spend money to live on earth. It will take money to get important things like food too. Hence, this was properly considered in the allowance system. Beneficiaries will get R15 000 per year
- Book allowance
Students can’t but make use of books, as a prominent responsibility of theirs is to study books. Hence, beneficiaries will get R5200 per year under the allowance system, but it only applies to universities.
- Personal Care allowance
Also important is this aspect, which has been well taken care of in the allowance System. Beneficiaries will get R2900 per year as personal care allowance.
How to Apply for NSFAS Online 2023
If you would like to apply for NSFAS 2023, follow the steps outlined below:
- You have to visit the NSFAS website: www.nsfas.org.za online
- Then, you have to click on the “myNSFAS” tab
- After that, you create your myNSFAS account
- After creating myNSFAS account, you then have to click on the “Apply” tab
- Answer the following questions you see on your screen
- Update all your personal information
- Upload all the required supporting documents
- Lastly, Click on “Submit” to send your application for review.