The Namibia Student Financial Assistance Fund (NSFAF) says it has funded 199,494 students to the tune of N$7.4 billion over the past five years.
NSFAF Acting Chief Executive Officer Kennedy Kandume said for the 2022-2023 financial year, the budget appropriation stood at N$1.6 billion.
However, due to the increased demand for financial support, the allocation to NSFAF rose by N$500 million, reaching N$2.1 billion in the 2023-2024 financial year.
“During this academic year, we’ve observed a significant rise in the number of students meeting funding requirements representing an increase of 30% from 17,232 applicants in the 2022 academic year to 22,178 applicants meeting the criteria in the current academic year,” he said at the official launch of NSFAF’s 2024 online application on Wednesday.
Kandume added that the bolstered financial backing emphasises the trust and confidence placed in their abilities by the Minister of Higher Education, Technology, and Innovation.
This comes as in April 2023, NSFAF successfully implemented monthly payments for tuition fees to students at various institutions.
“This initiative has significantly aided students in managing their monthly basic costs, creating an environment conducive to academic success. Looking ahead, plans are underway to ensure timely and sufficient funds from the Treasury to continue this support,” he said.
To date, NSFAF has disbursed N$1.6 million for both tuition and nutrition fees, achieving an “impressive” 91% payment for continuing students.
“The allocation of the N$2.1 billion this year is subject to sourcing after the national midterm budget, which is currently before Parliament. Operationally, we are prepared, and despite a 26% increase in projected financial needs for 2024, we anticipate around 23,700 applicants meeting funding requirements,” he noted.
This projection is based on Grade 12 and Grade 11 results.
Kandume estimated that for the 2023-2024 financial year, the Fund will need about N$2.5 billion to cater to applicants scoring 25 points and more.
He noted that individuals with a household income exceeding N$500,000 will be ineligible for funding.
This funding scheme is open to all qualifying candidates pursuing diplomas, undergraduate, postgraduate, and technical and vocational education and training.
The application deadline is set for February 2024.
Higher Education, Technology and Innovation Minister Itah Kandjii-Murangi noted that 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.
