To help students succeed with their studies, the Nelson Mandela Metropolitan University (NMMU) funds those financially needy students who are in need of financial assistance because of their schooling. NMMU basis is to cover your tuition and accommodation fees.
NMMU uses the same criteria as National Student Financial Aid Scheme (NSFAS) in distributing funding which works according to the principle of the greater the financial need, the greater the support. It will support those who qualify for NSFAS funding but are not assisted, and as many students as possible who fall outside of this criteria.
Therefore to qualify for this debt relief loan at NMMU you have to be a student who has no expected family contributions to receive a full NSFAS loan, while those who are the sons and daughters from the “missing middle” will receive a proportionately smaller loan.
The formula used by NSFAS will be used by NMMU. And, as with the NSFAS system, successful students who complete their degrees and diplomas will only be expected to pay back 60% of that loan once they are employed. And this allows for their outstanding debt to be put aside until they are working.
And this is a shift from the past when students who owed money were not allowed to continue with their studies until their outstanding fees had been paid. The repayment method is a sort of paying it forward as the repayment means that the next generation of students can also be assisted by the scheme.
When you receive this type of financial aid expect that you’ll not have to put down an initial payment when you come to register. This applies to those students funded by NMMU because they’re financially needy and those students from the “missing middle”. However, the latter group can start making their payment at the beginning of the year since this group of students fees will not be completely covered by the NMMU loan.
To apply for debt relief through NMMU or for more information, click here.