How Much Must You Earn to Qualify for NSFAS? | Explore Now
The National Student Financial Aid Scheme is a bursary program for students who belong to disadvantaged backgrounds and are unable to pay their fees. The purpose of the bursary program is to assist financially deprived people so that they can pursue their educational careers. NSFAS funds tuition fees, accommodation, and transportation and provides study materials to enrolled students.
However, not all students qualify for the NSFAS program because it helps a specific class of people. The applicant must have income below the threshold; otherwise, he will be ineligible to enroll in the NSFAS. Come with me to see the details of the income threshold; here we go.
Income Threshold for NSFAS
The government launched NSFAS a few years ago to assist financially deprived students. In the beginning, its eligibility criteria were simple, but today, an applicant must fall under the category of deserving people in order to get the funding. An applicant must have proof of residency, and citizenship of South Africa, and an income lower than the NSFAS threshold.
What Is the Income Threshold?
The income threshold is a term coined by NSFAS authorities that means an applicant should have income not more than R350,000 per annum. NSFAS does not ask for proof of a student’s income but an applicant’s household income. If he or his parents earn more than R350,000, his application will be rejected.
Moreover, the income threshold criteria change for disabled applicants. A physically unprivileged student should have R600,000 per annum household income. If his household income is more than the mentioned amount, his application will be rejected, considering that he can afford educational expenses.
What If an Applicant Is Employed?
An employed applicant can apply for the NSFAS if he falls under the category of deserving people. NSFAS will review his financial status, earnings, and income threshold, and if his earnings are lower than the income threshold, he can get funding.
A student should meet the eligibility criteria of NSFAS, whether he is employed or not, and whether he or not to enroll in the bursary. However, the majority of the students are unfamiliar with the fact that NSFAS is a loan program, and one has to repay it after getting employment. You do not need employment to apply for NSFAS but to return the loan amount.
NSFAS funds all the students who fall under the eligibility criteria and demonstrate a financial need. If a student does not earn a single rand, he can still apply for the NSFAS. On the other hand, if a student does not have an income source and his household income is lower than the threshold, he can get NSFAS funding.