The South African government is completely killing the youth. Hundreds of South African NSFAS funded graduates will at least be owing the government two hundred thousand Rands (R200k) or more by the time they graduate. Basically, this higher education student financial aid scheme opens a gap of poverty in the economy by directly perpetuating debt with possible interests upon these student groups.
It is unfortunate that many university qualifying academics are going to spend approximately all their lives trying to repay this debt. Moreover, it will affect their credit store when they need money from banks and institutions for other necessities such as housing, cars, loans or even assist their future children to pay University fees. All of this is a direct indication of the fact that this scheme is more problematic and exhausting to the country's development than actually doing what it claims - assisting South African students.
Because honestly, what good is a degree when you're drowning in debt and cannot provide yourself with the lifestyle that is improved.
However, the National Financial Aid Scheme has some characteristics that may be helpful. Not totally in clearing the debt, but , decreasing it fairly. In this case, it acts as both a loan and a bursary to the deserving candidates.
1. One will be required to repay the load only if they earn R30 000 or more yearly.
2. TVET college students are not required to repay the money they got from NSFAS.
3. If you applied for NSFAS after 2018, you're receiving it a bursary and not as a loan, therefore, you do not need to pay it back.
4. In some situations, a particular percentage of the debt can be converted to a bursary if one has passed all of their registered courses for the funded years.
The inability to pay the student loans (especially prior 2018) does not affect the individual only, but also the society and country as a whole. Because it limits the ability of the scheme to fund more students as money will be unavailable. An utterly problematic system South Africans are under. Even though the current beneficiaries may be debt free, all that was happening prior 2018 will affect generations to come in the educational sector.
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