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  • keyboard_arrow_rightNzimande has unveiled a R3.8 billion new NSFAS funding model to finance the ‘missing middle’

Nzimande has unveiled a R3.8 billion new NSFAS funding model to finance the ‘missing middle’

Zuko Komisa

Blade Nzimande
Blade Nzimande /Twitter

Nzimande has unveiled a R3.8 billion new NSFAS funding model to finance the ‘missing middle’

A new loan program for students who fall into the “missing middle”—those whose annual household income falls between R350 000 and R600 000—has been announced by Higher Education Minister Blade Nzimande.

Before this, students could only receive funding from NSFAS if their household income was less than R350 000 annually.

NSFAS board chairperson Ernest Khosa “voluntarily” tabled a notice of 30 days’ leave of absence to allow NSFAS to address the graft allegations against him contained in incriminating recordings made public by the Organisation Undoing Tax Abuse (Outa) and a report that accompanied them.

This announcement regarding Nzimande’s new funding model coincides with this development.

Point of View representative of the Student Forum for Service Delivery, Nhongo Solo shares the groups views on Nzimande’s announcement

Listen to the full conversation here:

Nzimande states that only thirty percent of students enrolled in humanities programs would receive funding from the loan, with the remaining seventy percent going toward science, math, and technology programs.

Also Read: Cassper Nyovest celebrates his new life in Christ with his family members

Nzimande stated that NSFAS planned to alter this through a new funding model at a briefing on Sunday in Tshwane.

“Government has committed the initial capitalisation fund, totalling R3.8 billion, to support the loan scheme in 2024. This amount comprises R1.5 billion from the National Skills Fund and Training Authorities [Setas]. This amount will cover 47% of the estimated 68 446 missing middle school students — that is, 31 884 of the 68 446 missing middle students,”

“Students will be supported for tuition, learning material and accommodation, and students who get above 70% on average and within the prescribed time, will get a 50% reduction [in loan repayments],”

Higher Education Minister Blade Nzimande

WATCH THE BRIEFING HERE FOR FURTHER DETAILS:

READ NEXT: “Worked for it, saved for it, and fully paid for it” – Lady Du declares 2024 the year of gratitude

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Written by: Zuko



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