NSFAS (National Student Financial Aid Scheme) has approved the provisional funding of a record number of students for the current financial year. The Minister of Higher Education, Science, and Innovation, Blade Nzimande, announced on February 23, 2023, that the scheme has approved funding for 1,083,055 students, marking a significant milestone in the government’s commitment to funding students from working-class and poor backgrounds.
According to the minister, this is the highest number of students NSFAS has ever funded in a single financial year. The scheme has been committed to ensuring that students from disadvantaged backgrounds have access to higher education and training to help bridge the gap between the rich and poor.
The budget for the current financial year is expected to be around R47.6 billion. The funding will go towards providing students with financial aid to cover their tuition fees, accommodations, and study materials. The funding will also help reduce the burden of student debt and make higher education accessible to all students.
The announcement comes at a time when the cost of higher education has become a major concern in South Africa. With the country facing high levels of poverty and inequality, many students struggle to access higher education due to the high cost of tuition fees and other related expenses. NSFAS has been working to address this issue by providing financial aid to students who would otherwise not be able to afford higher education.
To access NSFAS funding, students must meet certain criteria, such as being South African citizens, being from a household with an income of less than R350,000 per year, and being registered at a public higher education institution. Students must also meet academic requirements and have proof of registration and admission to the institution.
NSFAS has been implementing changes to improve its funding process and ensure that students receive funding timeously. The scheme has introduced an online application process, making it easier for students to apply for funding. The scheme has also partnered with institutions to ensure that students are registered and funded on time.
The funding of over one million students is a significant achievement for NSFAS and the government, as it helps to bridge the gap between the rich and poor and promote access to higher education. The scheme remains committed to providing financial aid to students in need and ensuring that more students have the opportunity to pursue their dreams and build a better future for themselves and their communities.
