What is Financial?
Financial Aid is assistance that is provided to students to help cover the cost of their studies. Almost all of the tertiary institutions offer financial aid to their students in the form of student loans. A loan is an amount of money that has to be repaid on completion of studies
Different Types of Financial Aid
The National Student Financial Aid Scheme (NSFAS) is a loan scheme designed for financially needy students whose parents/family members may not qualify to sign surety for a bank loan. All tertiary education centres in South Africa allocate NSAFS funds. It offers the means to attain a tertiary education through offering loans at low interest rates, without guarantees, and a reasonable repayment plan.
How to Apply for Financial Aid
Anyone can apply for financial aid from Financial Aid Bureaus at the university or technikon where you are intending on studying. The interest rate on a NSAFS loan is charged at a rate much lower than a bank will charge you. Application for a NSFAS loan is assessed on the basis of the National Means Test (NMT), which takes the following criteria into account:
- Gross family income.
- Number of dependants.
- Net Value of Assets.
For more detailed information on NSFAS loans visit: www.nsfas.org.za
What are the Requirements for Applying for Financial Aid
The following are requirements for applying for financial aid:
- South African citizenship
- registration at a South African university or technikon
- an undergraduate, studying for a first tertiary educational qualification, or
- studying for a second tertiary qualification, if this is necessary to practice in your chosen profession (e.g. LLB or HDE)
- able to demonstrate potential for academic success
- financially needy
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