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The National Student Financial Aid Scheme (NSFAS) is currently open for 2024 student loan applications, specifically targeting missing middle students. We strongly encourage eligible students to complete their applications within the designated 2024 NSFAS application period, as the deadline for submissions is set for 15 February 2024.
How to Apply for a NSFAS Loan
Embark on your journey towards financial assistance by following these simple steps:
- Navigate to the NSFAS website.
- Click on the ‘myNSFAS’ button.
- Opt for ‘Create a profile’.
- Fill in the required fields accurately.
- Log in to your newly created profile.
- Submit your application promptly.
In a groundbreaking move, Higher Minister Blade Nzimande inaugurated the initial phase of the Comprehensive Student Funding Model earlier this month. This innovative model is designed to extend student loans to individuals falling within the “missing middle” category.
These students hail from families with an annual income ranging from R350,000 to R600,000. Although considered too affluent for NSFAS bursaries, they grapple with the financial burdens associated with tertiary education.
NSFAS Loan Requirements
To be eligible for an NSFAS missing middle loan, applicants must meet the following criteria:
- Annual household income between R350,000 and R600,000.
- Enrolled in a public TVET College or public University.
- Pursuing undergraduate or postgraduate studies.
- Eligible to apply in years 1, 2, 3, or 4.
- Must maintain an average of 60% in their coursework to sustain funding.
Furthermore, NSFAS missing middle loans will prioritize Science, Technology, Engineering, and Mathematics (STEM) programs, constituting 70% of beneficiaries. The remaining 30% will be allocated to Humanities and social science programs.
Upon approval, students will be required to sign a NSFAS loan agreement. Importantly, if students excel academically, up to 50% of the loan can be converted into a bursary, lightening the financial load on their educational journey. Seize this opportunity to invest in your future – apply now!
