The National Student Financial Aid Scheme (NSFAS) is a lifeline for many South African students, providing essential financial support. One of the key components of NSFAS funding is the allowance payments, which are disbursed monthly to students to help cover living expenses, accommodation, transport, and study materials.
How NSFAS Allowance Payments Will Be Made in October 2024
TVET College Students
- Direct Bank Deposits: NSFAS has continued its policy of paying allowances directly into the bank accounts of students enrolled in approved TVET colleges. This method, introduced in May 2024, has significantly reduced transaction costs and improved efficiency.
- Verify Your Banking Details: To ensure timely NSFAS allowance payments, students are urged to verify their banking information on the myNSFAS portal. Any delays in submitting this information may result in payment disruptions.
University Students
- University-Managed Payments: Following an agreement between Universities South Africa (USAF) and NSFAS, universities will continue to handle the disbursement of allowances to their students for the remainder of the 2024 academic year.
- NSFAS Funding: NSFAS will continue to provide funding to universities based on verified student registration data.
NSFAS allowances are typically paid out on a monthly basis. By following these guidelines, you can ensure a smooth and timely receipt of your NSFAS allowance for October 2024.
