Answer to Question #226645 in Accounting for Kim

Question

(a) Explain when interest is charged by NSFAS on study loans.

(b) State three expenses that are covered by NSFAS funding.

(c) State the cut-off date for applications for NSFAS funding in 2021 for the 2022 academic year.

(d) Give the full web-address used in your research on NSFAS funding.

Answer 1

a. The NSFAS charges interest on study loans at the beginning of every financial year i.e. April every year.

b. The NSFAS covers the following:

• Book allowance of up to R 5000 per year.
• Student accommodation as charged by the university.
• Living allowance of up to R 14, 400 per year.

c. The online application for the 2022 academic year will close on 30th November 2021.

d. The full website used for the NSFAS research is: https://www.nsfas.org.za/content/