Financial aids at varsity,paying back.

Universalman Profile picture By Universalman
Jan 17, 2011
Many students in varsities are dependent on NSFAS loan for almost every financial academic need.Recently I heard that anyone who earns R 2500 or more should initiate paying back the loan.

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Universalman 3 years ago
Buti Mahlatse,well said my man,loud and clear! Indeed our succesfulness is our owm priority which require adequate planning and research,creativity and seeking new adventures.
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Mahlatse123 3 years ago
Lol@ um-pimpable name! Lets put it this way, at first nasfas do not forces anyone to loan any amount from them, it is by choice of an individual. Anything beyond that, serves as an agreement entered between the loaner (nsfas) and the loanee (student), which is by law legal and as a result u bind yourself to the terms and conditions stipulated in ur signed loan agreement.

In addition to ur last comment, I think we need to change our mindset universal my friend, although it is not as easy as I say, but I believe that upon graduation or completion of one studies, we need not only think of being employed, we rather think of other alternatives and that is create employment ourselves which in turn might result out to be sth big to us, the community and the economy as a whole. Telling from the point that you have just raised below, to me it simply means that some individuals do not expand their search/vision for greener pastures. I understand that a lot has been said about the high rate of unemployment in our country which is sth that causes a major challenge for both the graduates and potential employers out there. Creative thinking that's the only solution that will lead us else/some where in terms of advancing further with our lives.

Sharing ideas with your colleagues, peers, superios and other informative individuals within ur reach will indeed makes a difference in terms of giving u a direction. Working for someone else wonn't necessarily guarantee one the conform that he/she might require in the near term. Things do change in terms of style, prices, technology etc. which will indeed forces someone to opt for sth bigger in value and that is seeking more career opportunities that will enable 1 to earn a decent living.

It is either you choose to earn 2.5 or u choose to take risks in life and again I agree that we don't choose to be placed to careers corresponding to our studies. Fortunately am placed in a career relating to what I have studied although I feel that I have been doing what I do for so long and it is time for me to move on and do sth different, which means I need not relax, I need to search hard for what I want which I assume that it can be applied by each one of us.

We also need not forget that we at times start somewhere before we can advance elsewhere although not always the case, it takes only dedication, the choices we make, and the mind set within ourselves.
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Mahlatse123 3 years ago
I agree with u Abilis and Ods u r both quite rite. Funds and leek not that ur overall 2.5 will be taken, only a % of the amount the way my two peers (Abilis & Ods) put it below.
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abilicious 3 years ago
@leek & Fundiswa, I blive they will make the repay realistic/reasonable. If u earn 2.5 & owes the NSFAS 15 000, u will find that ua paying them 100 per month. I think its a gud idea since u will be used to ua 100 being debited every month.
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odirilwe 3 years ago
I suppose it depends on how much one would need to pay back per month in relation to their salary. Even if its R50 a month (against R2500), it will give one some kind of 'responsibility'. Okay, whats the best way to put it...we all need to pay something back, so that we do not take that help for granted. So if you earn the minimum stipulated salary, a very minimum payback could do wonders. Just to give you a perspective, if a hundred thousand graduates earning R2500 a month would payback R50 a month, that will generate R60 million rands a year. Thats an awful lot of money.
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leek 3 years ago
That is ridiculous, 2.5 and you gotta pay back the loan, it means all your income will go towards that, never mind eating and what on. Thats crazy, that stipulation should be reviewed cause its unrealistic.
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Mahlatse123 3 years ago
Yeah u r rite my friend that is how it is with the nsfas. For so long as u earn the stipulated amount and above u are entitled to repay back the loan, by the way it is not a busary although it can be converted into a bursary shud one show a satisfactory performance on his/her studies. The reason y one shud pay back it is to sustain the funds so that they will b able to assit the coming generations, although the government has initiated Fundisa which is an education scheme open to evryone interested in investing in their kids education with a min contribution of 200 which is subsidiced by the government for paying your kids education in case they intend to study at the institutions of higher learning upon completion of their secondary education.

To me it does make sense cos not necessarily that one will pay an amount ecxeeding a certain percentage of his/her salary, actuarial scietist do know how to play with numbers very well. I don't think the repayment will put too much pressure on ur repayments, it is just that they encourage individuals to sustain the fund although it is annually budgeted from the national government. The repayment is to deal with an increasing number of students enrolling at the various institutions of higher learning. If one can remember very well, in the past the fund never included FET's until it does recently. So u can imagine the number, hence the significance of paying back the fund which does make sense.
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Universalman 3 years ago
I sat and wondered: How is a person earning half 5 grands going to afford paying the loan and other personal needs? Could it be that the minimun wage for a loaner to intiate payments was factored by unemployent/unsuitable jobs.
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Mahlatse123 3 years ago
Exactly ma point and thanx that we agree, nice blog hey!
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Universalman 3 years ago
Very interesting points outlined here.To both Mahlatse(damn,this name is um-pimpable)& Odds,I guess I viewed it from a different perspection in consideration of the loaner's salary.
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Universalman 3 years ago
I immediately thought:This serves to prove that graduates are not placed(workplace) in correspondence to their qualifications,hence the minimun stipulation being 2.5 grands.It made no sense to me to loan money to study just to earn such a salary.