Richfield College dont accept NSFAS as we are a private education institution.
If you wish to apply for a bursary, please carefully read the steps below. Please note that the student applying for a bursary will need to complete the online assessment.
If your application shows promise, we will run a face-to-face verification test to ascertain that the same person took the original assessment.
The Bursary makes provision for tuition fees only. Any other materials (including the Tablet PC) needs to be purchased and payed for at the students’ own cost, as this is required by the student to successfully complete the relevant studies.
After completion of a student’s course, the student may be requested to assist the Institution in his / her qualified field at any of the Institution’s national campuses for a period equivalent to the period for which the Bursary was awarded.
Bursary recipient progress reports are to be submitted along with motivation from the recipient’s campus manager/administrator together with their results as and when needed (per semester/annually).
Failure to pass a semester or year course can result in the cancellation of the Bursary.
The Institution reserves the right as custodian of the Bursary to change the policy, as and when it deems it necessary, but this will only be done with prior notice.
The evaluation and approval of applications for bursaries will be handled by the Bursary Department and the Institution’s management team.
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How To Apply?
If you wish to apply for a bursary, please click here to fill in your details and take a short psychometric assessment. Please note that the student applying for a bursary will need to complete the online assessment.
If your application shows promise, we will run a face-to-face verification test to ascertain that the same person took the original assessment. After the verification assessment, you will be required to send through the following documents, please make sure you have them readily available:
- A one-page motivational letter stating your reason to request for a Bursary
- A certified copy of your valid NSC Certificate (if you have completed Grade 12)
- A certified copy of your latest valid results on an official school letterhead (if you are currently in Grade 12)
- A certified copy of your latest academic results and your full academic record. Results for the academic year should accompany this application and must not be submitted separately (if registered at University or College)
- A certified copy of your valid South African Identity Document
- Proof of Learner/Parent/Guardian’s income (3 months’ payslips) or an affidavit if Parent/Guardian is unemployed
- Three months’ of Learner/Parent/Guardian’s bank statements
Related Resources
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.
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:
- Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
- Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
- Complete the application form online or at a branch.
- Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
- 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:
- 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.