South African government provides loans for tertiary education in the form of National Student Financial Aid Scheme (NSFAS). This is a provider of financial aid to students who are financially needy.
Government school loans are restricted to higher education in South Africa currently. There are no loans specifically designed to provide assistance to parents paying for school fees for children in primary or high school.
NSFAS funding is open to individuals furthering their studies. To qualify, individuals need to be enrolled in a TVET college or any of the registered public universities in South Africa.
South Africa is a developing country and has a shortage of skilled graduates in a number of fields. The government has recognised the need for support for students. This loan is designed to assist individuals pay for tuition, accommodation and any other study-related material.
Founded in 1992, the National Student Financial Aid Scheme has provided thousands of individuals with finance to further their studies. A 2010 review of the scheme revealed that as much as 80% of students rely on it to pay for their education.
What do you need to apply?
- Grade 12 certificate
- SA I.D.
- Proof of parents’ income
- Proof of registration at school, college or university of brothers and sisters who live in the same household, as well as certified copies of their birth certificates and I.Ds.
- If you have a permanent disability, a letter from your doctor to confirm proof of disability.
- Letter of acceptance from the public university or college where you have applied to study.
How are repayments made?
Once your salary is R30 000 or more per year, NSFAS will send you statements showing how much you owe and how much you must pay back monthly.
For more information about NSFAS, contact 0860 067 327
With the developments in South Africa, perhaps government may in future consider introducing government school loans.