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Gigaba allocates R57 billion towards fee free education

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Finance Minister Malusi Gigaba says an additional funding of R57- billion will be allocated towards fee free higher education over the medium term.

Gigaba is delivering his Budget Speech address in Parliament in Cape Town this Wednesday afternoon.

The finance minister says all new first year students, with a family income of below R350 000 per annum, at universities and across technical, training and vocational colleges (TVET) will be funded.

Last year, former president Jacob Zuma announced that fee free higher education would finally be phased in from 2018 while addressing delegates at the African National Congress National Elective Conference in December.

This follows multiple calls from the #FeesMustFall movement, marred by a wave of mass protest action from students for free higher education.

Government has committed to spending R324-billion for higher education and training over the next three years.

Gigaba says universities will be subsidised to fund the zero fee increase for poor and working class families.

Furthermore, returning National Financial Student Aid Scheme students will have their 2018 loan onwards converted into a bursary.

The bursary will cover full cost of study, which includes tuition, fees, study material, subsidised meals, accommodation and or travel allowance.

Gigaba says “This is an important step forward breaking the cycle of poverty and confronting youth unemployment, as labour statistics show that unemployment is lowest for tertiary graduates.”

Gigaba adds that investing towards free education is government’s largest and fasted allocation of resources, with an annual growth of 13.7%.

WATCH:Budget Speech 2018

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