CEO states fund will require N$3 billion as it broadens student intake criteria
Staff Reporter
THE Namibia Students Financial Assistance Fund (NSFAF) today launched its online loan application platform, announcing that the fund will require approximately N$3 billion as the number of new student intakes is expected to rise to over 30,000. This represents a significant increase compared to the usual intake of 24,098 students.
These remarks were made by NSFAF acting CEO Kennedy Kandume, who said that the fund is transitioning from a Pro-Poor Students Funding System to an Inclusive Multi-Optional Students Loan System (IM-OSLS). This new system is designed to enable eligible Namibians from all walks of life to access higher education and training.
“Our projections indicate that implementing the new Inclusive Multi-Optional Students Loan System (IM-OSLS) will necessitate over N$3 billion. Applications for financial assistance open today, Tuesday, 14 January 2025, and will close on Monday, 31 March 2025. I urge those intending to seek financial assistance to submit their applications before the deadline of 31 March 2025, as there will be no extension,” Kandume said.
Reflecting on the 2024 academic year, Kandume revealed that the fund received and reviewed 31,144 loan applications, of which 8,805 were rejected for failing to meet the eligibility criteria. This left a total of 22,339 successful applicants, representing 72% of the applications received.
“Of the 22,339 successful applicants, 12,924 (58%) were female, while 9,415 (42%) were male. Regarding the level of study, 72% (16,063 students) were awarded loans to study at the undergraduate level, 5,970 (26.7%) received financial assistance for Technical and Vocational Education Training (TVET), and 306 were funded for postgraduate studies. With a total budget of N$2.5 billion, the fund supported 53,793 beneficiaries, both continuing and new intakes, during the 2024 academic year. This marks an 18.3% increase compared to the 45,464 students supported in the 2023 academic year,” Kandume said.
Speaking at the launch, the Deputy Minister of Education, Arts and Culture, Natalia /Goagoses, explained that the expanded loan funding options include support for recognition of prior learning and funding for bridging or readiness programmes.
“No child should be roaming the streets due to financial constraints. While I do not encourage repeaters, children who have faced traumatic experiences should be given a second chance to improve in a particular subject,” /Goagoses said.
She added that NSFAF would also consider funding certificates at NQA Level 5. “With time, students can progress to higher levels until they reach the pinnacle of their education,” the deputy minister said.
/Goagoses also said the need to review income thresholds, emphasising that parents with multiple children in university struggle to save for themselves.
“Today, we launch the student loan application for NSFAF, a step towards making education more affordable and accessible for all Namibians. I am tired of importing so-called skilled engineers. We must prepare our own Namibians. Within the next five years, we must have cohorts of Namibian engineers capable of managing the green hydrogen, oil, and gas industries—not just pushing wheelbarrows,” /Goagoses said.
Applications are open to all Namibians wishing to pursue studies at local, SADC, or international institutions at www.nsfaf.na.
