Student fees and funding your studies

NSFAS loans

The National Student Financial Aid Scheme (NSFAS) operates according to the National Student Financial Aid Act 56 of 1999. If a NSFAS borrower successfully passes all their courses in a particular academic year, their loan amount for that year is reduced by 40%; they only pay interest on 60% of the loan amount. Both the 40% capital amount and all interest on that 40% is written off, because it is treated as a grant or bursary.

Who qualifies for a NSFAS loan?

A student qualifies for a NSFAS loan or bursary if he or she is

• a South African citizen.
• registered at a public South African higher education institution.
• an undergraduate student studying towards a first higher education qualification.
• a student studying towards a postgraduate qualification because it’s a requirement to practise in his or her chosen profession (such as the Postgraduate Certificate in Education).
• able to demonstrate potential for academic success and the fact that he or she is financially needy. Students who receive loans, bursaries or scholarships from other sources that cover the full cost of study are not eligible for a NSFAS loan. If you wish to enrol for postgraduate studies such as an Honours in Theology or an Advanced Diploma in Management, you are not eligible for NSFAS funding. Interest on loans
• The annual maximum and minimum loan amounts made by institutions are determined by the NSFAS Board. The NSFAS maximum loan amount is generally equal to the national average full cost of study, as determined by NSFAS.
• The percentage (a maximum of 40%) of the amount lent to a student may be converted to a bursary if the student is academically successful. The date of the conversion will be determined by NSFAS.
• The following parameters apply in respect of every year, unless they are changed by NSFAS. - Interest on loans will begin to accrue one year after the date of completion of a funded qualification. - The NSFAS interest rate is lower than that of the Reserve Bank when it lends to other banks. It is also less than the interest the borrower would pay to any other lender. How to apply for a NSFAS loan
• Apply for admission to Unisa and get a Unisa student number.
• Complete a NSFAS application form (also available from any Unisa office) and attach all the documents stipulated on the application form.
• Submit your application and required documents via the drop-off boxes at all Unisa centres. Late, incomplete or faxed applications without supporting documents will not be considered.
• Register provisionally. (First time Unisa students can register for a maximum of 3 modules.)
• You will receive an SMS telling you whether your application was successful. Successful applicants will need to sign a loan agreement form at the nearest Unisa office.
• Unsuccessful applicants should enquire at the nearest Unisa office.

Bursaries

Students are selected by Unisa’s Student Funding Division (DSF) in conjunction with the Unisa Foundation.