Minister of Higher Education, Blade Nzimande, announced on Sunday that the initial phase of a groundbreaking funding model is set to benefit 47% of students falling within the “missing middle” category, allocating a budget of R3.8 billion for the 2024 academic year.
In his update on the new funding model, Nzimande outlined that students in the “missing middle” income bracket, with household earnings surpassing R350,000, will receive financial assistance in the form of loans.
The minister emphasized that collaboration with educational institutions is paramount, expressing the department’s commitment to working with universities to explore additional avenues for funding these students.
“This means the rest; we are, of course, going to be working with universities so that those institutions capable of funding this are also able to extend support to the ‘missing middle’ students,” Nzimande affirmed.
Nzimande elaborated on the eligibility criteria for the comprehensive funding model, noting its inclusivity across Technical and Vocational Education and Training (TVET) and university students. A key point underscored by the minister was the funding’s applicability to both undergraduate and postgraduate students. He specified that a noteworthy 70% of the beneficiaries must be pursuing programs in science, technology, engineering, and mathematics (STEM).
The unveiling of this funding initiative marks a significant step towards addressing financial barriers for a substantial portion of the “missing middle” students, fostering inclusivity in higher education across various disciplines.