Is NSFAS a Bursary or Loan? Do You have to Pay NSFAS back?
Finding suitable financial support to study at a tertiary institution for higher level education? For financial assistance, the National Student Financial Aid Scheme (NSFAS) bursary is one of the best opportunities to get.
This institution is providing financial support to all the students who want to achieve higher level education but are unable to afford College or University finances.
The NSFAS provides many applications yearly to provide an opportunity for students to apply and get a bursary in order to complete their studies. Yet, many students question the NSFAS bursary or loan as they think that they have to pay back their loan to NSFAS.
Is NSFAS A Bursary or a Loan?
Hardworking students are really concerned about their studies and future career. Some individuals are unable to complete their studies because of the high finances. NSFAS is the best platform, which provides financial aid for building a better future.
The NSFAS is a combination of loan and bursary where the payback depends upon certain conditions.
It is very important to bring in your knowledge that NSFAS is a government entity, which basically provides loans to complete higher-level education.
Do you Pay Back NSFAS?
Earlier NSFAS used to provide loans to eligible students who wanted to complete their education and then they had to repay the loan. The NSFAS allows the students to simply give their tuition fee without any hassle.
Once the student graduates and starts earning then they have to pay back NSFAS. Where a bursary scheme requires no payback. If the students have passed the test then their 40% loan will be converted into bursary while the remaining 60% will be repaid.
When the students’ education is completed and they repay the loan to NSFAS then this payment helps in providing funds to all the other students applying for this program. Also, students when applying for NSFAS agree and sign to return the loan payment.
NSFAS Bursary After Grade 9
Well, there are certain conditions under which students can get NSFAS bursaries after grade 9. Firstly, students who are SASSA recipients can get an NSFAS bursary. Also, the applicants who have an income, which is lower than R350 000 per year.
People with disabilities who have an income less than R600 000 per year can receive the bursary after grade 9.
FAQs
Does NSFAS offer student loans?
Yes, NSFAS offers student loans, which need to be repaid afterward. You need to admit the application with all the required documentation in order to get the NSFAS student loans.
How much does NSFAS pay?
The NSFAS loan basically depends upon the student’s class fee.
How many times does NSFAS pay?
Well, the NSFAS pay loans monthly and makes sure that they pay at the start of every month.
Well, I hope that now you have understood the NSFAS scheme. All the eligible students who want to complete their degrees can get help from NSFAS. After completing their education they can pay back NSFAS. This opportunity is best for those students who are from lower backgrounds and want to earn a better life.
To get the NSFAS bursary scheme students need to fulfill the standards of studying. Students should score well and meet in order to meet the required criteria.