What is a loan? A loan is money you borrow to cover tertiary studies. This loan has to be repaid.
What is NSFAS? The National Student Financial AId Scheme (NSFAS) is a loan and bursary scheme operationg in terms of Act 56 of 99 and funded by the National Department of Education. NSFAS has been established to assist academically desrving and finacially needy students to achieve their goals at tertiary educational institutions of South Africa, with particular concern in overcoming barriers created by structural disadvantagement.
What does NSFAS offer?
The means to obtain a tertiary qualification
Loans at low interset rates
Loans without guarantees
A reasonable repayment plan
NSFAS convert loan(s) to a Bursary. Up to 40% of the award may be converted into a bursary dependent on your end of year results.
If you pass all the courses for which you have registered, you qualify for a 40% bursary.
If you pass three quarters of the course, you qualify for a 30% bursary.
If you pass half of the courses, you qualify for a 20% bursary.
If you pass one quarter of the course, you qualify for a 10% bursary.
If you pass none of the courses, you qualify for no bursary at all.
Who qualifies for a NSFAS loan? You qualify for a NSFAS loan if you are:
A South African citizen
Registered as a South African university or university of technology
An undergraduate, studying for a first tertiary educational qualification, or
Studying for asecond tertiary qualification, if this is necessary to practice in your chosen profession (e.g LLB or HDE)
Able to demonstrate potential for academic success
NOTE: You will, however, be expected to make your own family contribution towards the total costs of your studies (EFC).
How much money do you get? There is a minimun award and a maximum award, which is determined annually by NSFAS. Please enquire at the Financial Aid Bureau for the current limit.
Where do you apply for a loan? From the Financial Aid Bureau at the Vaal University of Technology.
NOTE: Interest on NSFAS awards is determined annually by NSFAS.
|11 October||Senior students (year and first semester courses)|
|11 February||First year students (year and first semester courses)|
|11 June||Senior students (second semester courses)|
|31 July||First year students (second semester courses)|
Contact numbers: +27 16 950 9484 / 9972 / 9486 / 9485 / 9571
Brochures for NSFAS 'Students guide to funding' are available at the Financial Aid Bureau office
Finacial Aid Bureau
Vaal University of Technology
Private Bag X021