The National Student Financial Aid Scheme (NSFAS) serves as a vital source of financial support for countless South African students, helping them pursue higher education. Among the key benefits NSFAS provides are monthly allowances that cover living expenses, accommodation, transport, and learning materials.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. These bursaries cover tuition and registration fees, as well as several allowances for food, accommodation, and learning materials.
For students enrolled in Technical and Vocational Education and Training (TVET) colleges, NSFAS has outlined its allowance payment schedule for the remainder of the year.
Which NSFAS Allowances Do TVET College Students Receive?
NSFAS offers the following allowances to TVET college students:
- Personal Care Allowance: All NSFAS-funded students receive this allowance.
- Transport Allowance: Students living less than 40 km from their college are eligible for this allowance.
- Accommodation Allowance: NSFAS also covers accommodation, tuition, and registration fees for eligible students.
How NSFAS Pays Allowances to TVET College Students
Since May 2024, NSFAS has been paying allowances directly into the bank accounts of TVET college students. Students who did not have bank accounts were able to open one and provide their banking details.
This payment method will continue for October 2024, meaning that TVET college students will receive their NSFAS allowances directly in their personal bank accounts.
Only students with confirmed NSFAS funding and submitted registration details can add their banking information on the myNSFAS portal. All bank account details provided are verified by NSFAS.
Improved Payment System Reduces Costs and Issues
NSFAS administrator Freeman Nomvalo noted that the new payment system has significantly lowered the cost of disbursing allowances. Previously, the payment process was expensive and inefficient, with NSFAS paying R22 per transaction and students being charged R10.
By adopting direct payments through its internal banking system, NSFAS has reduced transaction costs to less than R1 and improved the system's reliability, leading to fewer student complaints.