The National Student Financial Aid Scheme (NSFAS) is currently verifying student bank details to ensure the smooth processing of May 2024 allowance payments for TVET College students.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. This funding includes money for tuition and registration fees as well as several allowances for food, accommodation and learning materials.
Starting May 2024, TVET college students will receive their allowances directly deposited into their personal bank accounts, chosen from any South African bank. Students were notified about this new system earlier this month.
Do not use the previous NSFAS Payment Black Card. NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker.
NSFAS called on all TVET college students to take action and upload their bank details to ensure they receive their May 2024 allowances on time.
Action Required for Students
- Open a Bank Account (if you haven't already): Head to any South African bank to open an account if you don't currently have one.
- Submit Bank Details on myNSFAS Portal: Once you have your bank account, log in to your myNSFAS account and upload your bank details under "Profile Information" > "Bank Account Details."
- NSFAS will make direct deposits for May 2024 on 25 May 2024 on the condition of successful verification.
After uploading your bank details, NSFAS will verify them with your chosen bank. You'll be notified once the verification is complete.
How to Submit Bank Details on myNSFAS
- Visit the NSFAS website.
- Click on "myNSFAS Portal."
- Log in using your myNSFAS username and password.
- Go to "Profile Information" and select "Bank Account Details."
- Enter your bank account details.
- Click "Save."
NSFAS provides various allowances to support TVET college students, including the Personal Care Allowance, Transport Allowance (for students living more than 40km from the college) and the Accommodation Allowance/
Students enrolled in distance learning programmes will continue to receive tuition and registration fee coverage. However, they will only receive a personal care allowance once a year.
No More Black NSFAS Bank Cards
This new direct deposit system replaces the previous NSFAS bank account with Fintech service providers (used previously to pay allowances). Students no longer need to use the black NSFAS bank card.
Do not use the previous NSFAS Direct Payment Black Card
