The National Student Financial Aid Scheme (NSFAS) announced a significant improvement for Technical and Vocational Education and Training (TVET) college students receiving financial aid.
From 25 May 2024, allowances will be directly deposited into students' chosen bank accounts, replacing the previous system.
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.
This new allowance payment system for TVET college students aims to address past challenges and enhance the overall payment experience for students. Students will now enjoy the convenience and security of receiving their allowances directly in their preferred bank accounts.
All TVET College Students Funded by NSFAS can receive their allowances through a bank account of their choice with any bank.
Students can select any bank they prefer, even if they don't currently have an account. Allowances will be deposited directly into bank accounts, eliminating delays and potential complications.
To ensure a smooth transition, all TVET college students funded by NSFAS are urged to submit their banking details through the myNSFAS portal by 20 May 2024.
Only students with confirmed funding and submitted registration data can add their banking details.
The previous NSFAS Direct bank accounts and black cards will be discontinued.
NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker. Do not use the previous NSFAS Direct Payment Black Card
TVET College Staff Encouraged to Assist
NSFAS is calling on TVET College principals and Student Support Services to assist students in submitting their banking details before the deadline.
How to Submit Bank Details
Students can easily submit their bank details through the myNSFAS portal
- Visit the myNSFAS portal: https://www.nsfas.org.za/
- Log in using your myNSFAS credentials.
- Under "Profile Information," select "Bank Account Details."
- Enter your chosen bank's details.
- Click "Save."
You are therefore required to log onto your myNSFAS account and submit your banking details for NSFAS to pay you through a bank of your choice
This new direct deposit system simplifies the allowance disbursement process for TVET college students, ensuring they receive their financial support efficiently and conveniently.
