NSFAS To Fund Over 90 000 Students in 2023

National Student Financial Aid Scheme has confirmed that it is prepared to effectively manage and pay out student funding for the upcoming academic year 2023. Registrations are now underway and institutions are preparing to welcome students back on campus.

NSFAS To Fund Over 90 000 Students in 2023

The NSFAS Board Chairperson, Ernest Khosa, said during the press briefing about NSFAS’s readiness for 2023 that the scheme is confident about the upcoming year and intends to manage student funding seamlessly.

In the bursary scheme, there has been a budget of R47 billion set aside for the year and it is anticipated that approximately R3.5 billion will be paid to universities and R2.7 billion to TVET colleges as upfront payments.

A total of R38.6 billion will be allocated to universities in the 2023 academic year, while R8.9 billion will be distributed to TVET colleges in the same year. In April, June, August, and October, each year, the respective funding is received in four tranches. 

A funding cycle for NSFAS 2023 opened last year on 28 September 2022.

A total of 1,587,968 applications have been received so far for this bursary scheme, with 613,909 already provisionally funded, including 338,320 continuing students and 275,589 new applicants.

A 273,746 applications are on hold awaiting evaluation, while 149,202 applications are awaiting academic eligibility.

“Over 161,139 applications were rejected due to failing to meet funding criteria, and 1261 appeals have already been filed,” Khosa says.

In addition, the scheme revealed that some policies had been introduced to gradually address existing disparities between TVET Colleges and universities with regard to bursaries.

According to Nsfas, the following are the academic eligibility requirements for university students and TVET college students:

• Continuing university students must achieve a progressive course credit pass rate of 55% as of 2023 and First Time Entering Students (FTENs) must achieve a 50% pass rate.
• In order to remain funded by NSFAS, returning students need to meet ongoing academic eligibility requirements.
• Academic progression criteria will increase from 55% to 60% in the future for distance university students under the N+ Rule.
• Only simulated training students who study occupational programs can qualify for allowances for the duration of their courses.
• Regardless of the benefit that TVET college graduates would have gained from applying the N+ rule at a TVET college level, they will be funded for a university undergraduate degree. (Conditionally, they did not exceed TVET N+ Rule)”

The deadline for 2023 NSFAS applications is 31 January 2023 at midnight. Prospective students are encouraged to apply as early as possible to avoid disappointment.

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