The National Students Financial Aid Scheme (NSFAS), a financial aid which is assisting South Africans in many fields has grown from R441 million in 1999 to R8, 5 billion in 2013. This is a reflection of the government’s commitment to promoting education in the country. Government expects them to repay the funds when they graduate.
What documents are required for you to apply?
When applying for a NSFAS student loan, applicants must attach the following documents a grade 12 certificate, South African ID, proof of parent’s income, proof of registration at school, college or university of brothers and sisters who live in the same household which can be obtained at the institutions where your brothers and sisters are registered at, certified copies of birth certificate and ID documents, a letter from your doctor to confirm proof of disability if you have a permanent disability, and letter of acceptance from the public university or college where you have applied to study.
How will you repay your loan?
NSFAS has repayments which are reasonably priced for clients; these repayments are based on the salary earned by the applicant and start once your salary is R30 000 or more per year. Payments start at 3% of your annual salary, increasing to a maximum of 8% when your salary reaches R59 300 or more per year. This means you will pay back R900 a year on a salary of R30 000 a year or R84 per month.
Worth noting is that those who are yet to get employment don’t have to repay the loan but they have to provide written proof (in the form of affidavit, valid for three months) to state that they are unemployed.
For more information about NSFAS registration costs, student loans, you should visit the NSFAS website or call them on 0860067327.