Vaal University of Technology

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Frequently Asked Questions

QUESTION

ANSWER

Who qualifies for financial aid and what are the criteria?

· Financially needy and academically deserving students.

· Funding is for South African citizens.

What does NSFAS funding cover?

Study fees and academic essentials such as prescribed books, stationery, accommodation and meals.

Is it renewable?

Yes, on proof of academic progress and it is subject to the availability of funds. The university will submit the academic results to NSFAS for assessment.

Does the student need surety to qualify for a loan?

No surety is required.

What documents are required to support an application?

Please refer to the  “ Documents required for NSFAS application“ link

Can the student apply at VUT for financial assistance to study at another university?

No, each higher education institution ia allocated its own budget for their students and it is administered through the Financial Aid Office.

Is the loan transferable?

No, it can only be used by a student in one institution per academic year. Students cannot transfer the funds to another institution or amongst themselves.

What happens to unutilised credit in a student’s account?

Any unutilised funds are returned back to NSFAS/donor to reduce the loan amount, unutilized funds serve as the first repayment.

What is the difference between a study loan and a bursary?

Study loan is repayable and a bursary is non-repayable, being awarded on academic merit.

When can a student expect an outcome for the first registration period?

Students who do not meet donor criteria will be informed before registration (except for academic requirements). Once applications have been captured, they cannot be processed if students have not temporarily registered.  Students are urged to do so as soon as registration opens as students will be informed on a weekly basis (during registration) on whether their application for funding was successful.

Can a student be funded for short courses?

Only formal qualifications, e.g. national diplomas and degrees, are funded. Short courses and certificate programmes do not qualify for funding.

What is the interest rate payable?

NSFAS does not lend money to students in order to make a profit.  Loans are made at a rate far lower than that charged by financial institutions such as banks.  Interest varies each year.

When can a student start repaying a loan?

A loan is repayable as soon as a student secures employment (irrespective of whether the qualification is completed or not) and earning an annual salary of R26 300 or more.  The Loan repayment arrangements can be made directly with NSFAS at (021) 763-3232 or www. nsfas.org.za

How is the loan repayable?

The loan repayments can either be deducted from the student’s salary or be made by means of debit order. Alternatively, the money can be deposited directly into the NSFAS account.

Will the University require money before allowing a student to register?

Once the student is accepted for admission at the university. The university expects the student to pay the minimum registration fee. If the student has applied for NSFAS funding and s/he qualify for funding, the Financial Aid Office will assist in registering the student without the minimum registration fee if they don’t have the registration fee.

When is the closing date for the first registration cycle?

Applications for 1st semester and year courses close on 30 November of each year.

QUESTION

ANSWER

Who qualifies for financial aid and what are the criteria?

· Financially needy and academically deserving students.

· Funding is for South African citizens.

What does NSFAS funding cover?

Study fees and academic essentials such as prescribed books, stationery, accommodation and meals.

Is it renewable?

Yes, on proof of academic progress and it is subject to the availability of funds. The university will submit the academic results to NSFAS for assessment.

Does the student need surety to qualify for a loan?

No surety is required.

What documents are required to support an application?

Please refer to the  “ Documents required for NSFAS application“ link

Can the student apply at VUT for financial assistance to study at another university?

No, each higher education institution ia allocated its own budget for their students and it is administered through the Financial Aid Office.

Is the loan transferable?

No, it can only be used by a student in one institution per academic year. Students cannot transfer the funds to another institution or amongst themselves.

What happens to unutilised credit in a student’s account?

Any unutilised funds are returned back to NSFAS/donor to reduce the loan amount, unutilized funds serve as the first repayment.

What is the difference between a study loan and a bursary?

Study loan is repayable and a bursary is non-repayable, being awarded on academic merit.

When can a student expect an outcome for the first registration period?

Students who do not meet donor criteria will be informed before registration (except for academic requirements). Once applications have been captured, they cannot be processed if students have not temporarily registered.  Students are urged to do so as soon as registration opens as students will be informed on a weekly basis (during registration) on whether their application for funding was successful.

Can a student be funded for short courses?

Only formal qualifications, e.g. national diplomas and degrees, are funded. Short courses and certificate programmes do not qualify for funding.

What is the interest rate payable?

NSFAS does not lend money to students in order to make a profit.  Loans are made at a rate far lower than that charged by financial institutions such as banks.  Interest varies each year.

When can a student start repaying a loan?

A loan is repayable as soon as a student secures employment (irrespective of whether the qualification is completed or not) and earning an annual salary of R26 300 or more.  The Loan repayment arrangements can be made directly with NSFAS at (021) 763-3232 or www. nsfas.org.za ???

How is the loan repayable?

The loan repayments can either be deducted from the student’s salary or be made by means of debit order. Alternatively, the money can be deposited directly into the NSFAS account.

Will the University require money before allowing a student to register?

Once the student is accepted for admission at the university. The university expects the student to pay the minimum registration fee. If the student has applied for NSFAS funding and s/he qualify for funding, the Financial Aid Office will assist in registering the student without the minimum registration fee if they don’t have the registration fee.

When is the closing date for the first registration cycle?

Applications for 1st semester and year courses close on 30 November of each year.