NSFAS introduces new loan for students in missing middle bracket

The National Student Financial Aid Scheme (NSFAS) has put in place more interventions for students who fall within the “missing middle” income bracket.

NSFAS has extended the application deadline for its new loan to support students from middle-income households until 15 February.

NSFAS introduced its new loan scheme last month to ensure that financial assistance was accessible to a broader range of students from households with an annual income above the R350,000 threshold, but cannot afford the costs themselves.

Giving an update on the state of readiness as universities prepare to open their doors for the academic year, the entity met with the higher education department and the South African Union of Students.

The department’s Ishmael Mnisi: “The meeting agreed that the NSFAS loan scheme will be opened on the 2nd of February 2024 and will close on the 15th of February 2024. All students who did not meet the bursary scheme eligibility criteria, however, meet the loan scheme eligibility criteria will be automatically offered a loan for consideration.”

Mnisi said in order to qualify for the loan, students should meet the following criteria.

“Students whose annual household income is between R350,000 to R600,000, public and university students, undergraduate or post-graduate students.”

-EWN

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