NSFAF allocates N$3 billion for inclusive loan system to expand higher education access

The Namibia Students Financial Assistance Fund (NSFAF) has set aside a budget of N$3 billion for a new loan system. This is aimed at funding eligible Namibians from all walks of life to access higher education and training.

NSFAF acting chief executive Kennedy Kandume says the fund is shifting from a pro-poor student funding system to an Inclusive Multi-Optional Student Loan System (IM-OSLS).

“Our projections are that if we implement the new system, the fund would need over N$3 billion as the number of new students is expected to increase to over 30 000. This is a significant jump when compared to the expected normal increase of 24 098 new intakes,” he said at a press conference in Windhoek yesterday.

Deputy minister of higher education, technology and innovation Natalia /Goagoses at the event said the fund now recognises prior learning funding after completion of a bridging programme and giving those who failed a year a second chance.

“The government has over the years witnessed the exponential growth of eligible matriculants requiring financial assistance. Limited financial resources and the increasing number of students, presenting different conditions, gave rise to the rethinking of the funding strategy to broaden funding options to enable more students to access tertiary education,” she said.

/Goagoses said this would help reduce the unemployment rate.

“Financial assistance should be available to all eligible students,” she said.

Kandume said funding eligible students would ensure Namibia has a skilled workforce to serve in the emerging oil, gas and green hydrogen sectors.

“If you have more economic growth, there is a high chance of economic opportunities, such as the hope with green hydrogen,” he said.

Kandume said the new system may, however, not increase assistance with non-tuition fees.

He said a committee is to be set up for funding mature age students.

The deadline for online applications is 31 March.