The National Student Financial Aid Scheme (NSFAS) has outlined its allowance payment strategy for the remainder of the year, specifying how disbursements will be made to students enrolled in approved programmes at Technical and Vocational Education and Training (TVET) colleges.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in TVET college. This includes money for tuition and registration fees as well as allowances for living expenses, accommodation/transport and learning materials.
From May 2024, NSFAS began depositing allowances directly into the personal bank accounts of all funded TVET college students. Those without bank accounts were able to select a bank for this purpose.
NSFAS will continue to use this direct payment method in September 2024 for disbursing allowances to TVET college students.
Benefits of the New TVET College Allowance Payment System
NSFAS administrator Freeman Nomvalo highlighted that the new system has significantly lowered the cost of distributing allowances to students. Previously, each transaction cost NSFAS R22 and students R10, making the process both expensive and inefficient.
By transitioning to direct payments via its internal banking system, NSFAS has reduced transaction costs to less than R1 per payment. This change has not only stabilised the system but also decreased student complaints.
TVET College Students Must Submit Banking Details to Receive NSFAS Allowances
NSFAS urges TVET college students to upload their banking details on the myNSFAS portal to ensure prompt allowance payments. Around 11,000 students still need to submit their banking information, which could lead to payment delays.
Only students with confirmed funding and submitted registration data are eligible to add their banking details on the myNSFAS portal. All bank accounts provided will undergo NSFAS verification.
How TVET Students Can Upload Bank Details
- Visit the myNSFAS portal.
- Log in using your myNSFAS credentials.
- Select "Bank Account Details" under "Profile Information."
- Enter your bank details.
- Click "Save."
