Will NSFAS Increase Allowance in 2024? | Complete Details
NSFAS, like previous years, is providing funds for this year 2024 too, to provide education to millions of students in South Africa so that they can continue getting their education. The organization minister Blade Nzimande has recently announced some important news about the allowances payments that are given to the students.
The guide covers the details about information related to allowance payments, whether NSFAS will increase allowance in 2024 or not, and if yes, how much increment will be there. Put your attention to the details below so you can get to know what would be the payments that students will get in this academic year of 2024.
Increase Allowance in 2024
The minister of NSFAS has announced that allowance payments will be increased for the students of South Africa who are the recipients of NSFAS bursaries in 2024. It was briefed by the minister to the members of the media on Tuesday.
The increment in the allowances is made to minimize the financial challenges that the students are facing and to make the financial management of the organization better. Let us look at the increased allowances and how much increment has been finalized.
NSFAS Increment in the Allowance Payments
Both university students and TVET students will get an increment in the allowance payments for the 2024 academic year. University students will get an annual living allowance of R 16,500 in addition to the allowance payment of R 13,450 for meals and R 3,500 for personal care.
Whereas TVET college students will get a living allowance of R 10,000 per annum. Keep in mind these are the figures that are concluded after increment. When we talk about accommodation we came to know that those students who are living in institutional accommodation will get R 50,000 in Metro areas and R 41,000 in all other areas.
Whereas those students who are living in institution-catered accommodation will get R 66,500 for living in Metro areas and R 57,000 for living in other areas. One thing that students have to keep in mind is that those who are living with their relatives or who make their accommodation arrangements on their own will not get the accommodation allowance instead they will get a travel allowance of the maximum amount of R 7,875.
Students With Disabilities
Those who are disabled will get a living allowance of up to R 20,000 per academic year. They will also get a learning material allowance of up to R 6,000.
Moreover, the allowance payment for assistive devices for such students is up to R 50,000 and is a once-off allowance payment. Furthermore, the students who are disabled also receive allowance payments of R 2000 for repairing and maintenance of assistive devices
Will NSFAS increase allowance in 2024?
Yes, the minister of NSFAS has recently announced that there will be an increment in the allowance payments of students of South Africa. The organization has finalized to increase the allowance payments for both TVET college students and university students.
Will NSFAS fund me next year?
If you are eligible and you are approved for getting funds from NSFAS you will get funds for the whole academic year and not for the one year. To make sure that you receive the funds for the whole academic year, you have to make sure that you fulfill the minimum eligibility requirement throughout the time you are studying and you need funds.
How much yearly allowance is given to the University students from NSFAS?
If you are approved to get the funds from NSFAS for the 2024 academic year and you are a university student, you will get an annual living allowance of R 16,500. Additionally, you will also get an allowance payment of R 3500 for personal care and a R 13,450 allowance payment per year as a meal allowance.
NSFAS is increasing its allowances payments for the needy students of South Africa for this 2024 and onward academic year. The increment is made in not only the allowances of university students but also for the students of TVET colleges.
The NSFAS minister has revealed that other relevant funding guidelines will be released in the coming week so that students get to know about the allowance payments in detail. This article tells you about the increment that has been finalized by the minister of NSFAS. Pay attention so you can get to know about the increment in payments and other relevant details about the National Student Financial Aid Scheme NSFAS Funds payment for the 2024 academic year.