NSFAS saves the day for needy students
JOBURG - Many successful 2014 matriculants are still in a jovial mood as they wait to enter universities, but some are in sombre moods as they don’t have financial backing to pursue their studies.
However, the National Students Financial Aid Scheme (NSFAS) has saved the day for the financially-needy students with the introduction of the student centred model. This helps them to apply directly to the institution. The scheme’s spokesperson, Kagisho Mamabolo said, “It is the new model where students can apply directly to NSFAS for loans and bursaries, and not to the university or college. Students are funded for the duration of their studies, not one year at a time.”
Mamabolo said the pilot phase of the new NSFAS model of student financial aid has begun as six universities and five technical and vocational education and training (TVET) colleges were included in the pilot phase. “The first recipients to use the new system are Durban University of Technology, Nelson Mandela, Metropolitan University, University of Mpumalanga, University of South Africa, University of Venda, Ekurhuleni East TVET College, Motheo TVET College, South Cape TVET College and Umfolozi TVET College,” he said.
Mamabolo said the objective of this model was to implement a student-centred ‘Money follows the Student’ model in which students will pre-qualify for financial aid at the time of applications for admission. “It is meant to streamline the application processes for financial aid to become more efficient, effective and cost-effective. “NSFAS communicates its message to students so that they will be aware of available financial assistance long before they leave school,” Mamabolo explained.
He said they want to reach a wider population of students who are eligible for student financial aid – especially in rural areas and at schools with limited access to technology. “We also want to reduce potential fraud and corruption at institutions to ensure financial aid reaches the students for whom it is intended,” Mamabolo said. He added that the scheme also aimed to reduce the number of NSFAS students who either fail or drop out by supporting programmes in collaboration with institutions and other stakeholders. This gives students the best chance of graduating and improves recovery rates on student loan repayments. Mamabolo said they wanted to enable NSFAS to fulfil its mandate of providing financial aid to eligible students at public TVET colleges and public universities.
