Department of Higher Education and Training Minister Blade Nzimande. Images via Pixabay and Flickr
In 2023, students funded by the NSFAS will get R1650 monthly allowance. Other allowances have been increased too, find out more here..
Department of Higher Education and Training Minister Blade Nzimande. Images via Pixabay and Flickr
University students funded by the National Financial Aid Scheme (NSFAS) will now get a monthly living allowance of R1650 in 2023!
This was revealed by Higher Education Minister, Dr Blade Nzimande on Tuesday, 31 January.
During the briefing, Nzimande revealed that in the current financial year, the financial aid scheme is projecting a 7% increase in the number of students qualifying for NSFAS bursaries as compared to the 2022 financial year.
Out of these qualifying students, over 60% of undergraduate students in public university system receive support from NSFAS and well over 90% of students in TVET colleges.
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“Let me indicate that our living allowance increment across the board will be R1650 per month, which is 10% increment as compared to the 2022 figure. This increase is above inflation taking into account that for the three years there has been no increase,”Nzimande said.
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Nzimande said all these allowances are in line with the 2023 NSFAS eligibility criteria and conditions for financial aid already published and shared with institutions (apart from the living allowance increase mentioned above).
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This year payment of allowances will be made directly into the students’ NSFAS bank account and NSFAS funded students are required to complete the NSFAS direct payment onboarding process to prepare for the payment of allowances into their account.