Is there SASSA pension increase?

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2024 SASSA Old-Age Pension Grant increases came into effect on 1 October 2023. The R10 increase for 2024 may not sound like a lot, but every Rand and cent counts for the elderly during this difficult time of year.

The 2024 SASSA Old-Age Pension Grant increase takes the amount to R2 090 for anyone between the ages of 60- and 74-years old. And R2 110 per month goes to anyone over 75-years of age.

2024 SASSA OLD-AGE PENSION GRANT

For you or an elderly loved one to qualify for a 2024 SASSA Old-Age Pension Grant they must comply with the following:

  • Be 60-years of age or older.
  • Permanent residents and refuges in South Africa.
  • Have no source of financial income and pass the means test.

Follow the link HERE to check the full list of requirements. Note that the application cannot be done online, it must be processed in-person at a SASSA branch. The processing of an application for a 2024 SASSA Old-Age Pension Grant can take upwards of three months.

If and when your SASSA grant is accepted, however, you receive back-dated funds from the time you applied. You can appeal to the ruling within 90 days if, for whatever reason, your SASSA grant application is denied.

Note that existing SASSA Old-Age Pension Grants will be suspended in the following cases:

  • The applicant passes away.
  • You are taken into a state institution funded by government. This includes a prison, rehabilitation center, etc.
  • Your circumstances change for the better.
  • You misrepresent yourself and your access to means and commit fraud.
  • Any mistakes occurred at the time of grant approval.
  • You fail to comply in any way during the review of your grant.
  • If you leave South Africa for 90 days or more

We expect the Disability grants, foster care grants, child support grants, and war veterans grants to rise in the new financial year. These grants will be beneficial for around 17.5 million beneficiaries in 2023–2024. You will have to wait for some more time to get complete details on how much will the SASSA grants increase in the new year.

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SASSA Grants Payment

Every year, the government assesses the worth of social grants and makes SASSA payments after taking inflation, unemployment, and living expenses into account. These social subsidies, which come in the form of monthly payments, are intended to help people meet basic needs, including clothing, food, and housing.

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Student Loans in South Africa: How to Apply and What to Expect

For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.

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What Are Student Loans?

Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.

Types of Student Loans in South Africa

  • NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
  • Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
  • Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.

Requirements to Qualify for a Student Loan

Each provider has its own criteria, but most South African student loans require the following:

  • Proof of South African citizenship or permanent residency
  • Proof of registration or acceptance at a recognised tertiary institution
  • Parent or guardian with a stable income to co-sign (for private loans)
  • Completed application form with supporting documents (ID, proof of income, academic records)

How to Apply for a Student Loan

To apply for a student loan in South Africa, follow these steps:

  1. Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
  2. Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
  3. Complete the application form online or at a branch.
  4. Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
  5. Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.

Loan Amounts and Repayment

The loan amount you can receive depends on your chosen lender and financial need:

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  • NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
  • Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.

Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.

FAQs on Student Loans in South Africa

1. Can I apply for a student loan without a parent or guardian?

For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.

2. Is NSFAS a loan or a bursary?

NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.

3. What is the interest rate on student loans?

Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.

4. What happens if I fail my courses?

If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.

5. Can I use a student loan to pay for accommodation and laptops?

Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.

Final Thoughts

Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.

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