Do You Have To Pay Back NSFAS Funding?
Do You Have To Pay Back NSFAS Funding?: Is NSFAS A Loan Or A Bursary?
The National Student Financial Aid Scheme (NSFAS) holds significant importance in South Africa as it strives to offer financial support to eligible students seeking higher education. Thanks to NSFAS funding, numerous students have successfully overcome financial obstacles and gained access to tertiary education. Nevertheless, a frequently asked question revolves around whether recipients of NSFAS funding should repay the financial aid once they finish their studies.
In this article, we will delve into the repayment responsibilities linked to NSFAS funding and provide insight into the repayment procedure. Is NSFAS A Loan Or A Bursary?
READ MORE: When Can I Apply For NSFAS Online 2024-2025?
Types Of NSFAS Funding
NSFAS offers two types of funding;
- Bursaries: NSFAS grants bursaries to eligible students, indicating that the funding does not necessitate repayment. Bursaries are usually given to students from financially disadvantaged backgrounds who meet the specified academic requirements.
- Loans: In certain instances, NSFAS offers loans instead of bursaries. Loans require repayment; however, they come with advantageous terms and conditions.
NSFAS bursaries cover expenses including tuition fees, accommodation, incidental allowance and Books, however, NSFAS Loans require payments.
NSFAS Repayment Obligations
Students who receive NSFAS funding as a loan are obligated to repay the amount they have received. A loan refers to a borrowed sum that necessitates repayment, typically with interest, within a specified timeframe.
Repayment terms and conditions, on the other hand, are intended to be affordable and in line with your financial capabilities. The payback procedure usually begins when you enter the labour field and achieve a particular earning threshold.
SEE ALSO: NSFAS Bursaries 2024-2025 Application
NSFAS Contact Information
South African students: 0860 067 327
International students: +27 21 763 3232
Physical Address: 10 Brodie Road, Wynberg, Cape Town, South Africa, 7700
Postal Address: Private Bag X1, Plumstead, Cape Town, Western Cape,8001 South Africa, 7801
Visit the official website of NSFAS for more information. Hope the provided information is helpful, kindly share your thoughts below in the comment section.