N$2,5 billion needed for NSFAF in 2024

The Namibia Student Financial Assistance Fund (NSFAF) has a projected financial need of N$2,5 billion to cater to the projected number of applications for the upcoming financial year.

NSFAF chief operating officer Kennedy Kandume was speaking at the official launch of NSFAF’s 2024 online application recently.

“Our projection indicates that 23 700 applicants will meet the funding requirement or will be eligible for funding during the 2024 academic year. This is always informed by what the grade 12 and 11s are producing,” he said.

Higher education, training and innovation minister Itah Kandjii-Murangi said the government remains committed to maintaining the funding scheme.

“The government is committed to human capital development to ensure economic development. This is a function of government that cannot be overemphasised. This is evidenced by the budget that is allocated to NSFAF every year,” she said.

Kandume also highlighted the notable increase in applicants meeting the requirements for funding.

“During this academic year, we witnessed a substantial increase of applicants meeting the funding requirements. An increase of 30% was witnessed from 17 232 applicants in the 2022 academic year, to 22 178 applicants who met the funding requirements during this academic year,” he said.

The increase in demand for student funding necessitated a N$500 million increase in funds allocated to NSFAF for the 2023/2024 financial year. In total N$2,1 billion was allocated for the current financial year.

Kandjii-Murangi stressed the importance of selecting recognised institutions and accredited courses.

“It is common knowledge that there are indeed those students who end up in institutions that are not recognised and still want the fund to fund them. It is not possible,” she said.

Kandjii-Murangi advised prospective applicants to familiarise themselves with the funding requirements and to assess whether their institutions of choice are recognised.

Applicants whose household income is above N$500 000 will not qualify for funding.

“This goes without saying that the fund is there to assist the needy of the needy,” Kandume said.

All eligible individuals seeking to pursue diplomas, undergraduate, postgraduate and technical and vocational education and training (TVET) may be funded under this scheme.

Applications will close in February 2024.

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