What Does Assessing Financial Eligibility on NSFAS Mean?
It’s quite natural that when students apply for funds or bursaries they keep on tracking and checking their application status. If you have submitted your application for NSFAS funds and now are waiting for your approval you might have come across a status check that says funding eligibility or assessing financial eligibility.
Now you are confused about what it means and whether your application has been approved or not. No need to worry because we have got you covered!
The guide covers the details about assessing financial eligibility NSFAS meaning and other relevant details so you can have an idea of what the status check means and whether your application has been approved or not. Let us without wasting any more time shed light on the details below.
Assessing Financial Eligibility
Well, accessing financial eligibility means that NSFAS is verifying and assessing your household financial status. It is checking whether the household financial status that was declared by you on your application form is genuine or not.
There are some restrictions on family income that should be met to get the funds. Beyond that, the student’s application will be rejected.
To be eligible for funds from NSFAS, the family income of the applicant should not be more than R 350000 per year. This is assessed and verified whenever a student applies for a fund and submits the application.
The National Student Financial Aid Scheme checks the Home Affairs Database and SARS Database to confirm how much the parents of the applicant earn and whether the information about your financial situation that you have explained in the application form is true or not. After verifying you will get to know whether your application has been approved or not.
What Does It Mean When NSFAS Says Funding Eligible Without Admission?
Keep in mind if you receive the status check response or the information from the NSFAS organization that says funding is eligible, this is good news for you. This clearly says that you can receive NSFAS funding for your studies.
This tells you that you’re eligible for funding but you need to apply for a university or a TVET college that you want to get admission in. This is because you will not receive the cash on your own, instead, the funding money will be paid to the college or university you are going to register or study in.
After applying for the institution, if you are accepted and NSFAS receives confirmation from the college, then the organization will transfer the money for your tuition fees directly to the institution.
How Long Does NSFAS Funding Eligibility Take
Usually, the applications are processed, checked, and verified within 4 to 6 weeks after an applicant applies. But still, there are chances of longer processing times because of the workload, peak application periods, or due to lengthy verification processes. One thing that you have to keep in mind is to apply as soon as possible so that your application gets checked and verified earlier.
How long does it take for NSFAS to approve your application?
The situation of every application is different so we cannot specify the particular time when the application is approved but it has been estimated that NSFAS process time is somewhere between 4 to 6 weeks. But most of the time 30 days are enough to check and verify the application and approve it.
How long do you receive NSFAS funds?
NSFAS gives allowance payments for the whole academic year to eligible candidates. Those applications that have been approved will receive the funds not only for one single year or the current year of study but will receive the funding for the whole academic year. Moreover, in case you fail 1 year during your academic year, NSFAS grants you an extra year of funding.
How do I know if my application is successful?
To confirm whether your application is successful or not you can check for the confirmation email or letter. Consider checking your email, your inbox, and your physical mailbox to confirm whether there are any confirmation emails or letters from the organization or not. Moreover, you can also check the status of your application online by contacting the organization directly to confirm whether your application has been successful or not.
Hopefully, you have gone through this article that tells you about the meaning of assessing financial eligibility NSFAS and what this status check response means. We have described in detail how long the funding eligibility takes and what is the exact meaning of funding eligible without admission. Pay attention so you do not miss anything important related to the status check response saying assessing financial eligibility.