The National Student Financial Aid Scheme (NSFAS) has addressed recent challenges with student allowance payments and implemented a new system to ensure smoother financial support.
Previously, NSFAS introduced a Direct Payment solution using a specific bank account. However, this system resulted in unexpected bank fees and delays for students.
On the Direct Payment System, NSFAS recently made the following announcement:
Do not use the previous NSFAS Payment Black Card.
This news comes as welcome relief for many students relying on NSFAS funding to pursue their studies. In response to student concerns, NSFAS has made significant changes.
Starting May 2024, TVET College allowances will be paid directly into a bank account of the student's choice at any South African bank. Until the end of July 2024, universities will handle allowance payments directly for university students.
NSFAS is also working on a long-term solution through its internal banker to further streamline the process.
TVET College Students: Update Your Bank Details
If you're a TVET College student receiving NSFAS allowances and don't have a bank account yet, here's what to do:
- Open a bank account: Choose any South African bank that suits your needs.
- Update your NSFAS profile: Log in to your MyNSFAS account and navigate to "bank account details" under "Profile Information."
- Submit your bank details: Carefully enter your new bank account information and click "Save."
- Verification and payment: NSFAS will verify your details and notify you once successful. Allowances will be deposited into your chosen account after verification.
NSFAS pays your tuition fees directly to your university or TVET College along with paying allowances to students. NSFAS allowances provide financial support to eligible students in South Africa to help cover the costs of higher education.
It's important to note that NSFAS allowance amounts are determined based on your specific circumstances. They consider factors like your study location, living situation, and programme of study.
