The National Student Financial Aid Scheme (NSFAS) has officially commenced accepting applications for the 2024 academic year. The scheme is currently funding over one million students in public universities and Technical and Vocational Education and Training (TVET) colleges. Despite previous challenges with the online system, NSFAS reports a smooth start to the application process.
In 2023, more than a million students were funded, and the number is anticipated to rise as thousands have already been provisionally funded for 2024. The 2024 NSFAS application period opened in November and will conclude at the end of January 2024. While the online application system faced challenges in recent years, improvements have been noted, with Higher Education Minister Blade Nzimande commending NSFAS on enhancements made to its systems.
Nzimande noted during the launch of the 2024 applications that in 2023, the scheme continued to fund SASSA beneficiaries in real time. “This year, SASSA beneficiaries account for 35 percent (526 970) of the funded students. “In preparation for the 2024 funding cycle, I was informed that NSFAS had already engaged the Department of Basic Education (DBE) and that several students who are in Matric are SASSA beneficiaries. I therefore urge all those potential students to apply, as they will be immediately funded,” said Nzimande.
"The functionality of the online application system is going well so far. It appears that prospective beneficiaries are navigating it with ease," stated NSFAS spokesperson Slumezi Skosana. On Tuesday, NSFAS issued a statement indicating that it has provisionally approved an impressive 76 000 applications since the start of the 2024 application season, showcasing a robust response from prospective beneficiaries.
Skosana said the online application system has been streamlined, offering immediate funding decisions for applicants during the first 24 hours of the application period. “Students approved for funding will only receive financial benefits once they are officially registered at a TVET college or university. The delayed opening of the 2024 application period was due to the delay in aligning with SARS tax processes for accurate financial information,” said Skosana.
In a positive move for applicants, NSFAS announced that supporting documents or matric results are not required during the initial application submission. The NSFAS system will validate essential student information through third-party partners, simplifying the process. This includes verifying parental relationships, financial eligibility, and identity information.
Financial eligibility for NSFAS requires students to come from households with a combined income not exceeding R350 000, or R600 000 for disabled students. NSFAS relies on SARS data to ensure funding is granted to students meeting the specified financial criteria. While there are no immediate changes to eligibility criteria, refinements are underway and expected to be completed soon.
