Answer to Question #208155 in Economics for Beauty Magadlela

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

The National Student Financial Aid Scheme (NSFAS) is a scholarship scheme that provides low-income and working South African students with fully subsidized free higher education and training. NSFAS is a public organization governed by the NSFAS Act, which allows any student to apply for a loan or scholarship.

The main goal of the scholarship scheme is to transform NSFAS into one of the main providers of financial aid for underprivileged students in order to expand access to higher and further education.

NSFAS also partners with higher education and training institutions, the National Youth Development Agency (NYDA), community structures and organizations to make the scheme available to all eligible students.

NSFAS also offers other scholarship programs such as Technical Vocational Education and Training (TVET), which is responsible for assessment methods and vocational and continuing education and training systems, Funza Lushak Fellowship Program, created to support learning and available to qualified students for a degree of study and the Social Work Scholarships provided by the Department of Social Development, which aims to provide financial assistance to qualified students wishing to pursue their studies with a Bachelor of Social Work degree.

Priorities are given to youth between the ages of 18 and 35, in line with the government's goals for the active participation of youth in socio-economic activities.

The Disability Fellowship Program is also another element of the NSFAS Fellowship Program, which provides financial support to individuals with disabilities who need financial assistance and have a good academic record. Applicants for this scholarship must provide proof of disability and prices for assistive devices as required documents along with the application form.

NSFAS scholarship holders are required to work in South Africa for a specified period after graduation. If scholarship holders are unable to find work in South Africa after graduation for approximately three months, the beneficiary must apply in writing to NSFAS for a fair withdrawal or redemption consideration.

Students are also strongly encouraged to sign an outstanding NSFAS Fellowship Agreement to ensure that decisions to continue their funding for the academic year 2021 once they meet academic requirements go smoothly.