In a statement on Monday, NSFAS said the financial information was obtained from the South African Revenue Services (SARS).
“NSFAS has issued communique to all affected students to notify them of their funding status and the process that they should follow,” said the fund.
Affected students, however, now have 14 days from the date of issue to petition this decision by submitting proof of family income or change of income to NSFAS for review.
NSFAS reserves the right to make the correct funding decisions based on its financial eligibility verification processes.
For the 2020 academic year, NSFAS received a record number of 543 268 first-time funding applications. Of these, 430 000 applications were approved for NSFAS funding.