JOHANNESBURG – Higher Education Minister Blade Nzimande said the first phase of a new comprehensive funding model will immediately assist 47% students who are in the “missing middle” category.
Nzimande gave an update on the new funding model on Sunday, where he explained that these students will receive funding in the form of a loan.
A R3.8 billion budget has been set aside for the 2024 academic year for students who have a household income of more than R350,000.
He said the department will work with institutions to find ways to fund these students.
“Which means the rest, we are of course going to be working with universities so that those university that can fund this are also able to assist in giving loans to the ‘missing middle’ students.”
Nzimande explained the criteria for students to qualify for the comprehensive funding model.
“We are also going to be funding both TVET and university students. We are also going to be funding by the way – this is very important, undergraduate and postgraduate students. Criteria for funding is that 70% of those funded must be following science, technology, engineering and mathematics programmes.”