The Namibia Student Financial Assistance Fund (NSFAF) has awarded loans to 22,178 tertiary students.

The Fund received over 30,000 applications, and close to 8,000 did not qualify for the loan because they were not eligible.

Going to university can be a milestone for many and a proud moment for any parent.

But tertiary education is expensive, and by the time those who were given loans are done with their studies, they will be owing NASFAF thousands of dollars.

Debt that they have to pay back, that is, if or when they get employed, or alternatively, start their own businesses.

A key criteria considered by the Fund is that the applicants' parents or caregivers must not earn more than N$500,000 a year.

This places parents or guardians in a situation where they cannot afford to pay for tertiary education.

But NASFAF's Acting Chief Executive Officer Kennedy Kandume has announced that 16,000 of the beneficiaries for this year come from households that have zero income.

This number is expected to increase.

"Meaning, these are really the neediest of the needy that we are catering for; this is really what prompts the review of the allocation, because if you look at 16,000, if we do not come into the picture and provide financial assistance, they are not going to school."

NASFAF has been allocated N$1.6 billion for this financial year, a sum Kandume says is insufficient.

He explained that N$1.1 billion will be directed to students who are continuing their studies.

"Our calculations, however, revealed that this allocation is not enough, which prompted an engagement with the line ministry and Ministry of Finance, and both ministries have committed to avail additional funds to enable funding of all eligible applicants."

Kandume further announced that the Fund will roll out the payment of non-tuition fees on a monthly basis, and continuing students will receive their monthly payment as of the end of April.

The monthly payment for the new beneficiaries will only commence once they have signed their contracts.

"It must be noted that the application process is not complete until beneficiaries sign contracts with NASFAF, and applicants who have been offered financial assistance in terms of the act and fail to enter into an agreement with the board within 60 days from the date of notice forfeit the financial assistance."

Students now have until June 19 to submit a signed contract, which is available on NASFAF's website.

Last year, 142 students forfeited their loans because they did not sign the contracts.

Kandume further urged tertiary education institutions to submit student invoices as soon as possible to enable the funding body to commence with payments without delay.