NSFAS Student Loans – Financial Aid - The National Student Financial Aid Scheme - NSFAS 2019 - 2020

NSFAS Student Loans – Financial Aid

The NSFAS loans are available to South African students who are enrolled in one of the 25 public universities of the country. They are designed to help you cover all of your expenses including tuition fees, accommodation cost, food and travel expenses and spending on books and materials.

The granted loan amount is determined on an individual basis. The interest rate is 80% of the repo rate. This makes it considerably lower than the interest rates charged by banks.

You can apply for a NSFAS student loan directly online.

In order to qualify, you have to pass the NSFAS Means Test and to have good academic performance.

There are no financial or collateral requirements which parents, guardians or sponsors have to meet.

The repayment of the government student loan begins only after you graduate and start earning an income which is higher than R30,000 per year.

If your annual income is lower than R59,000, the payments will be 3% of your yearly salary. If it is higher, then they will be equal to 8%.