How Much Is NSFAS Money For 2024-2025

NSFAS Monthly Allowance For 2024-2025

How Much Is NSFAS Money For 2024-2025

The National Student Financial Aid Scheme (NSFAS) provides financial assistance to South African students who cannot afford to pay for their studies. In 2024, NSFAS announced that it will increase its student loan from R9,100 to R35,000 for the 2024-2025 academic year. This increase reflects the government’s commitment to opening up tertiary education to students from a broader range of backgrounds. In this article, we’ll discuss how much money NSFAS will provide for the 2024-2025 academic year and the criteria applicants must meet to qualify for the loan.

Do you want to study at a public university or TVET institution in the Republic of South Africa (RSA) and come from a household with an annual income of R350 000 or less? Then STOP and read this: The NSFAS application portal is currently open until January 31, 2024:

If you are a South African citizen and your total household annual income does not exceed the NSFAS-mandated threshold of R350 000, you are eligible for a government bursary through the National Student Financial Aid Scheme (NSFAS).

Will 2024 NSFAS Money be increased

The NSFAS budget has been increasing gradually, aiming to accommodate a larger number of eligible students and cover rising education costs. As the government continues to prioritize higher education and access to education for all, it is anticipated that the funding for NSFAS will follow an upward trend.

Factors Affecting the NSFAS Funding:

NSFAS offers various financial aid options, including loans and bursaries, to cover tuition fees, accommodation, books, and living expenses. The amount of money awarded to students is determined by several factors, such as household income, academic performance, and the cost of the chosen institution.

NSFAS money will be disbursed based on the following factors

Means Test: NSFAS utilizes a means test to evaluate a student’s financial needs. The test takes into account the income of the student’s household, family size, and other relevant factors. The results of the means test determine the level of financial assistance a student is eligible for.
Academic Performance: Academic performance is another KEY factor considered by NSFAS. Students who achieve excellent grades are more likely to receive higher funding. This encourages students to excel academically while benefiting from increased financial support.
Institution Cost: The cost of the institution a student plans to attend also influences the NSFAS funding. Different universities and colleges have varying fee structures, and NSFAS takes this into account when determining the amount of funding to be awarded

To qualify for NSFAS funding, you must meet the eligibility criteria below:

South African citizenship or permanent residency.
Enrollment or plans to enrol at a public university or TVET college.
Financial need, as determined through the means test.
Satisfactory academic progress, generally having passed at least 50% of the modules in the previous year.

NSFAS Money For 2024-2025

NSFAS-Funded students who qualify to receive allowances directly from NSFAS will receive cash funds in their NSFAS Wallets

A student already enrolled or about to be enrolled at a PUBLIC UNIVERSITY and APPROVED AND ACCREDITED TVET COLLEGE will be given these amounts to cover the various expenditures approved by NSFAS. Any expenditure outside of these are self-financed by the students

UNIVERSITIES

Allowances for Accommodation As per the actual costs charged by the university (costs for private accommodation must not exceed costs for university residence) (NSFAS Rent Allowance)
Transportation allowances (up to 40 km from the institution) of R7 500 per year
Living allowance of R15, 000 per year
Learning Materials allowances of R5200 per year
Incidental/personal care allowance of R2900 per year for students in catered residences

TVET COLLEGES

Allowances for Accommodation in an urban area amounting to R24,000 per annum
Allowances for Accommodation in a peri-urban area amounting to R18,900 per annum
Allowances for Accommodation in a rural area amounting to R15,750 per annum
Allowances for Transport (up to 40 km from the institution) amounting to R7,350 per annum
Allowances for Transport amounting to R7000 per annum
Allowances for Incidental/personal care amounting to R2900 per annum

NSFAS contact details