National Student Financial Aid Scheme (NSFAS): The scheme was established by the government to assist academically deserving students registered at tertiary institutions. Students who qualify for NSFAS receive loans of up to 40% which may be converted into a bursary at the end of the academic year should all courses be passed.
Bursary: Refers to grant of funds that is offered as an aid to financially needy and academically deserving students. Bursaries, unlike loans, are not repayable.