Department of Education Student Loans
Student Loans in South Africa can be obtained from various sources of finance. The big four banks offer student loans, while government provides funding in the form of the National Student Financial Aid Scheme.
In general, Department of Education Student Loans are provided in the form of NSFAS loans.
The Department of Education in South Africa specialises in providing funding for bursaries with a specific focus on promoting teaching.
Funza Lushaka Bursary:
This programme is a multi-year programmes that promotes teaching in public schools. Full-cost bursaries are made available to students who want to complete a full teaching qualification in an area of national priority.
The fund isn’t a loan, but is a bursary. It covers tuition costs, full accommodation, books, as well as a small allowance.
The National Student Financial Aid Scheme (NSFAS):
This is a statutory body that is funded by the Department of Education. It provides study loans to academically able but financially needy students. Loan amounts range from R2000 to a maximum of R30 000.
Individuals are obligated to repay this student loan once they have completed their studies.
In South Africa, numerous individuals strive to further their education by getting skills from tertiary education institutions. Even though this country has world-class institutions, many people find themselves excluded from attending these institutions as a result of financial challenges.
This is something that the South Africa government aims to eradicate.
The financial scheme is currently undergoing a number of changes, in order to improve the efficiency of fund administration.
The South African government is one of the leading countries in the world in terms of spending on education. Following the maladministration of NSFAS funds as well as the #Feesmustfall protest action by students, government has pledged to increase the amount of funds allocated to NSFAS. The Department of Education continues to work on improving the efficiency of the scheme.
