Higher Education Minister Nobuhle Nkabane tabled her budget in parliament, saying the funds will be channeled towards improving learning for millions of students at universities and colleges.
The department has been allocated a budget of R137.5 billion for the 2024/25 financial year, a 4.8% increase from the previous financial year.
University education will receive R91.7 billion while Technical and Vocational Education and Training (TVET) will receive R13.2 billion. Skills Development will get R333 million, while Community Education and training will be allocated a budget of R2.9 billion.
Turning her attention to the embattled National Student Financial Aid Scheme (NSFAS), Nkabane says her department is turning the tide on corruption and maladministration within NSFAS.
“It’s not desirable that the scheme is currently under a second administration within five years of the conclusion of the previous intervention. We have committed funds to improve NSFAS ICT inclusive of the loan system management. Earlier this year we came up with a comprehensive student funding model where we committed R3.8 billion initial capitalization fund to support missing middle students effect this financial year,” says Nkabane.
At least 31 800 prospective learners stand to benefit from the capitalization fund.
The minister says her department is working around the clock to ensure a smooth application process for the 2025 academic year. Applications for funding are expected to commence in September 2024.
“In this financial year, NSFAS received approximately two million applications for a bursary, over 419 000 were returning students while more than 290 000 were first time students.” Nkabane says.
She added that her department affirms the commitment of ensuring the provision of strategic solutions to create an effective and sustainable school education and training system.