Application
for Financial Assistance
There are
several categories of funds available that are mainly awarded on the basis of
need and merit.
What
is a loan?
Money
lent to the student to meet study-related costs, which must be REPAID. Interest
is charged on loan funds.
Central University of Technology
administered loans (including NSFAS loans)
Loans
vary from R 2 000 to R 43 000 per annum. The granting of these loans is subject
to the availability of funds and approved criteria. Depending on the individual
circumstances the student can qualify for the following maximum amounts.
- Total tuition fees for the year
- Books
- CUT Residence accommodation
- Transport Allowance
- Private Accommodation
- Living Allowance
The
reservation for accommodation and meals is subject to the availability of
funds. Students will be informed during the first semester in 2010 of the
amount of these allocations.
Who
can apply?
Application
for funding, are accepted only from students who:
- Are registering for a first
undergraduate degree or diploma / certificates.
- Have paid the minimum own
contribution required.
- Are South African citizens.
- Are financially needy as
determined by the means test* formula, as prescribed by NSFAS.
- Are academically deserving.
*a Means
Test is a Test which enables the Financial Aid Office to ascertain
who amongst applicants is most financial needy, this is determined using
documents submitted by the applicant.
What
do you need to apply?
The following certified documentation should be submitted with the application
form:
- A copy of the student’s South
African ID document.
- The latest pay slip / pension
slip or affidavit on income of the parents or guardian.
- Copy of grade 12 examination
results in the case of first year students.
- If parents are divorced, a copy
of divorce agreement.
- If one or both parents are
deceased, a copy of the death certificate(s).
How
do you apply?
Application
forms will be sent to each approved prospective first year student by the
middle of November each year. Application forms for senior students are
available as from the first week in August each year for the following year. To
be considered for a loan, a student must complete an application form and
return it on or before the closing date.
How is
the Bursary Component of your Loan Calculated?
Up to 40% of the award
may be converted into a bursary dependant on your end of year results
- If you pass al the courses for
which you have registered, you qualify for a 40 % bursary
- If you pass three quarters of
the courses you qualify for a 30% bursary.
- If you pass half of the courses
you qualify for 20% bursary.
- If you pass one quarter of the
courses, you qualify for a 10% bursary.
- If you pass none of the courses,
you qualify for no bursary.
What
happens if you have money left over in your Account?
- You can’t receive more money
from NSFAS than you require
- If there is money left over in
your account at the end of the year (for example if you receive a bursary
or a merit award after the NSFAS award was granted), the Financial Aid
Bureau has to return the money to NSFAS. This will count as your first
loan repayment.
- Money left over in your account
is never paid out to you. Furthermore, it is in your interest to ensure
that the money is returned to NSFAS to avoid paying interest on it.
When
and how do I start repaying the loan?
The Loan
becomes repayable as soon as the student secures employment, whether they have
completed their studies or not.
Repayment
rates start at 3% of the salary if the student is earning R30000 per annum,
this percentage rises as the income increases e.g. 8% if you earn R63000 per
annum.
Closing
date
Senior
students: 16 October 2009
First-year students: 12 February 2010
For
more information,
Visit the
NSFAS website at: http:// www.nsfas.org.za. Or contact them on
021 763 3200.
- For more information on EDULOAN
You can
visit their website at: http://www.eduloan.co.za or contact them on
0860 55 55 44.
Contact
personnel at CUT, FS: