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News | Good news for final year university students

On 8 January 2011 President Jacob Zuma announced the following: "With effect from this year, 2011, students who are registered at a public university in their final year of study and who qualify for funding from the National Student Financial Aid Scheme, will receive a loan equivalent to the full cost of study, which is the full fee and the necessary living expenses."

In addition, if these students graduate during the 2011 academic year, their loans for their final year will be converted into bursaries. "They will not have to repay the amount," President Zuma explained. If they do not graduate, however, then the award remains a loan which will have to be repaid to NSFAS.

This news was received with great excitement as many NSFAS beneficiaries intending to graduate in 2011 could now look forward to completing their studies without debt incurred during their final year.

Does this apply to all final year students?

This funding applies to all final year students who qualify for NSFAS funding according to the means test and who, on successful completion of their required academic programme for the 2011 year, will be graduating from the university. Students who have been awarded bursaries from private funders, the university/university of technology or from NSFAS (for example, social work bursaries, the bursary for students with disabilities, the scarce skills bursaries) should not be included in this group unless their bursaries do not cover the full cost of study. In such a case, the relevant student should complete a loan agreement for top-up funding in the form of a NSFAS loan under this category of funding. Where the combined awards exceed the maximum award size, written permission from NSFAS will be required on a case-by-case basis.

What if I don't graduate?

If you don't graduate, the loan will remain a loan, and when you exit the university, you will be expected to repay the full loan amount. However, up to 40% of the loan can be converted to a bursary, depending on how many of the subjects that you enrolled for were completed successfully - as is the case for all NSFAS loans.

What about the previous years' loans?

This does not cover previous years' loan and these are still due for repayment when you exit the university and find employment.

What if I may still have one single semester course to pass in 2012, will I still qualify?

No, if you have even a single course remaining to be completed in 2012, you will not qualify for this programme. You may however qualify for funding in 2012.

What does it mean to have a full cost bursary, and how far does this cover private accommodation?

This means that the total cost for your tuition fees, your residence fees (if you are staying in an on-campus residence, or in approved off-campus private accommodation) will be covered by this loan, and that reasonable allowances will be considered in respect of books, meals and travel allowances. Remember that this is first a loan, and only on successful completion of your studies (degree) in 2011 will it be converted to a 100% bursary for this year only.

What happens if I have to write a supplementary exam?

If you write and pass the supplementary exam at the end of 2011 or in January/February 2012, and are eligible to graduate at the end of these supplementaries, then you will still be deemed to have passed. Your university only reports on course pass rates after supplementary exams have been written.

When will I know if I have been granted this funding?

The normal process for applying for financial aid remains in place. Once institutions have identified which students are eligible for this funding, and this list has been approved, your financial aid office will inform you whether or not you have been granted this loan.

For more information about the final year fund please contact the Financial Aid Office on the campus where you are studying. Alternatively contact the NSFAS Call Centre on 021 763 3232 or email info@nsfas.org.za.