NSFAS Allowances – NSFAS Latest News 2022

NSFAS has indicated an increase in the number of students who qualify for funding, in both universities and colleges. This is excellent news for students. As governments and organizations around the world undertake new initiatives to combat the global pandemic, there are still a number of potential challenges that could play out during the new year.

The National Student Financial Aid Scheme (NSFAS) has a funding stream to assist students who qualify for admission to a university. The figures indicate that the number of students who qualify for funding is increasing each year.

The department is aware of the problems the increase to first year FET student funding has caused, and is working with the National Treasury to ensure that there are sufficient funds available. However, the financial aid provider has noted that the issue still lies with accurately projecting the costs needed to fund students enrolled in Technical and Vocational Education and Training (TVET) Colleges, but the increase in qualifying students will be covered in the allocated budget.

NSFAS has projected a 7% increase in the number of students qualifying for NSFAS bursaries.

The data was revealed at a Parliamentary Meeting held in November, 2022, where Universities South Africa (USAf) requested a meeting with key stakeholders after noting several concerns in respect to the proposed changes to the way NSFAS will conduct its business in 2023.

United National Students’ Congress led by its President Solomon Mahlangu called on the ministry of higher education to suspend implementation of its plans until new rules are adopted to allow for proper student representation and transparency in NSFAS’s decision making processes.

The DHET assessed the state of readiness for the upcoming academic year at a stakeholder meeting. The department was joined by various other stakeholders, including South Africa’s Parliamentary committee and representatives from academia, who all discussed challenges facing higher education in South Africa.

National Student Financial Aid Scheme (NSFAS) has approved draft guidelines for the 2023 academic year, which will be submitted to the Minister of Higher Education, Blade Nzimande for approval. The guidelines refer to changes in student funding and remedial support. These draft guidelines, if approved, will impact students and how the bursary funds are managed.

USAf raised their concerns as NSFAS has plans to issue students with paid-for banking cards, challenge proposed financial capping of accommodation allowances, and an envisaged plan by NSFAS to accredit student accommodation without the assistance of universities.

NSFAS has actually stated that for 2023, the entity is planning for a “delay-free” year. 

Predictions for NSFAS for 2023 were indicated as follows:

• 394 115 continuing students as well as 165 111 new applicants, results in 559 226 university students seeking funding for 2023. Thus, the figure will cost the Department R39 138 662 187, with an average cost of R69 987 per student. 
• 337 224 TVET students will cost around R8 855 149 104.