NSFAS Benefits For Applicants 2023/2024

By | November 22, 2022

NSFAS Benefits For Applicants 2023/2024

Is NSFAS open for 2023 applications, NSFAS Bursary Application 2023/2024

What are the benefits of NSFAS, nsfas benefits for applicants 2023/2024

Understanding how NSFAS Bursaries improve the lives of their students is crucial because it will help you decide whether to apply for one or look for an alternative. The Tertiary Education Fund of South Africa was replaced by the National Student Financial Aid Scheme (NSFAS), which was established in 1991, with the release of the NSFAS Act in 1999. (TEFSA). NSFAS has the full support of the Department of Education and Training. Giving eligible students financial aid to help cover the cost of their higher education at any TVET college or university is the main objective of NSFAS. Below is information about how to apply for bursaries, their advantages,

NSFAS Benefits For Applicants

The following expenses will be covered by NSFAS for students attending a national university:

Students supported by the National Student Financial Aid Scheme (NSFAS) are not required to pay back any student loans while enrolled in classes.

According to the NSFAS annual report, this significant benefit is just one of several that students who received funding to the tune of R10.5m receive.

  • if financed university students successfully complete their first and second years of education, 40% of NSFAS loans will be converted to grants.
  • if supported university students successfully complete their last year of study, the entire loan amount will be converted to a grant.
  • Interest costs are postponed throughout the academic year, up until a year after graduating from a public university.
  • A full bursary is provided to the TVET colleges, with no requirement that it be repaid.
  • At 80% of the repo rate, interest on unpaid balances is significantly subsidized.

Given that the prime rate is normally 350 basis points higher than the repo rate, this is a sizable subsidy.

In other words, if the prime interest rate is 10.25%, an NSFAS-funded student only pays interest of 5.6% on the outstanding loan.

What NSFAS Bursaries Cover

Things that NSFAS bursaries cover at colleges and universities

  • Amounts indicated for accommodation,
  • living allowance,
  • transport and
  • learning materials need to be aligned with the approved latest DHET guidelines.


  • Accommodation
  • As per the actual costs charged by the university (costs for private accommodation must not exceed costs for university residence)
  • Transport (up to 40 km from the institution) R7 500 per annum
  • Living allowance R15, of 000 per annum
  • Book allowances R5200 per annum
  • Incidental/personal care allowance of R2900 per annum for students in catered residences


  • Accommodation in an urban area is R24,000 per annum
  • Accommodation in a peri-urban area is R18,900 per annum
  • Accommodation in a rural area is R15,750 per annum
  • Transport (up to 40 km from the institution) R7,350 per annum
  • Transport R7000 per annum
  • Incidental/personal care allowance R2900 per annum

NSFAS Balance 2023/2024

Who Can Receive NSFAS Funding

To qualify for bursaries, applicants must adhere to four fundamental standards;

  • every South African national
  • All winners of SASSA grants are eligible for funding
  • applicants whose annual household combined income does not exceed R350 000
  • A disabled person: The total annual household income cannot exceed R600,000.
  • Students whose home income is not more than R122 000 annually who began their studies prior to 2022.

How Do I Apply For NSFAS Online

NSFAS Account Funding Application:

  • Create a new myNSFAS account or make changes to an existing one.
  • Observe www.nsfas.org.za.
  • Activate the “myNSFAS” tab.
  • Choose “Register.”
  • To allow NSFAS to verify your information, check the appropriate box.
  • then fill out the form with your ID number exactly as it appears on your South African Identity Document (ID)
  • Using your ID number as a guide, enter your entire name and last name.
  • Please enter your current email address.
  • Verify the accuracy of your email.
  • Type in your cell phone number.
  • Establish a password.
  • check the password
  • the image of your ID
  • Choose “Register.”
  • The provided email address and mobile phone number will receive an OTP (this OTP expires after 24 hours)
  • Type the OTP in and click “Submit.”
  • You have now finished the re-registration process.
  • To be taken to the online application form, click the APPLY tab.

Are NSFAS Bursaries Transferable To A Bank

Can you deposit money from financial aid into your bank account? A bank account cannot be transferred from your wallet. After your funds have been loaded into your wallet, you create a cash voucher. When you get there, show the certificate to a participating store to get cash. How is my loan’s interest calculated? The interest rate is currently 4.2% for the current fiscal year.

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