nsfas loan agreement 2023-2024
nsfas loan agreement
NSFAS is a South African aid program that aims to provide financial assistance to underprivileged students and parents. On December 16, 2017, Jacob Zuma announced this scheme in South Africa, and it has aided residents in the country until this day.
What does the bursary cover?
Amounts indicated of accommodation, living allowance, transport and learning materials need to be aligned with the approved latest DHET guidelines.
- Accommodation in an urban area R24,000 per annum
- Accommodation in an peri-urban area R18,900 per annum
- Accommodation in an rural area R15,750 per annum
- Transport (up to 40 km from institution) R7,350 per annum
- Transport R7000 per annum
- Incidental/personal care allowance R2900 per annum
These are the nsfas loan agreement steps to follow
- Please go to www.nsfas.org.za and click on “myNsfas account“.
- After enter your username and password.
- Please click on the “My personal details” tab.
- Kindly update your cellphone number and/or email address to your current one.
- Click “Update your details” to start.
- A One Time Pin (OTP) will be sent to the new number and email address that you have provided.
- Kindly enter the OTP and click submit.
- Your details will immediately be updated.
How nsfas loan agreement work
1. Submit a Request for Funding
You must apply for financial assistance when it becomes available if you meet the NSFAS qualifying conditions.
Applications can be submitted online or on paper. Here’s where you can learn more.
2. Wait for permission with patience.
Because NSFAS gets a high number of applications each year, your application may take some time to process.
Once your application has been granted, NSFAS will send you an email or SMS to confirm your beneficiary status.
After getting this notification, you will be taken to the NSFAS website to read your bursary agreement form.
3. Please sign the contract.
Agreements are signed on the internet.
To sign the agreement, you’ll need to log into your NSFAS account and enter a one-time pin number.
Then you’ll be told to double-check your agreement information to make sure it’s correct.
Check the boxes labeled “terms and conditions” and “declaration” once you’ve double-checked your information.
Once you’ve agreed to the terms and conditions, you’ll be done with the signup process.
Who qualifies for NSFAS funding?
- All South African citizens
- All SASSA grant recipients qualifies for funding
- Applicants whose combined household income is not more than R350 000 per annum
- Person with disability: Combined household income must not be more than R600 000 per annum
- Students who started studying before 2018 whose household income is not more than R122 000 per annum.
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