The National Student Financial Aid Scheme (NSFAS) has confirmed a delay in May allowance payments for thousands of students. The issue stems from incorrect bank account information uploaded on the myNSFAS portal, which failed verification checks.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials.
The financial aid scheme recently implemented a new system for direct bank account deposits for TVET students. This comes after several months of allowance payment challenges.
After calling on all students funded by the NSFAS at TVET colleges to submit their banking details online, NSFAS has concluded the verification process in preparation for the end of May 2024 TVET student allowance payment run.
While over 211,000 students had their accounts successfully verified, approximately 7,160 failed verification because the provided bank accounts did not belong to the students themselves.
In terms of the data received thus far, a total of 211,591 have been verified and a total of 7160 failed the verification checks, due to updated Bank accounts that do not belong to students. All students whose bank accounts were successfully verified will henceforth receive their allowances directly via their bank accounts.
Here's What You Need To Do If Your Verification Failed
- Log in to your myNSFAS using your username and password.
- Once logged in, navigate to the “Banking Details” under the Profile Information.
- Review the existing banking details provided by entering the account number, bank name, branch name, and account type.
- If required, update the correct banking details, ensuring that all the information provided is accurate.
- Once the update is complete, click on the “Save” or “Update” button to save changes.
NSFAS emphasises the importance of accurate banking details to avoid delays.
It's important to double-check the accuracy of the banking details before submitting them. Incorrect details may result in delays.
Students facing difficulties can contact NSFAS for assistance via email ([email protected]) or by calling the contact centre (080 006 7327).
If you encounter any issues or require further assistance, please do not hesitate to contact the NSFAS Contact Centre at 080 006 7327 or send an email to [email protected]
