The National Student Financial Aid Scheme (NSFAS) has confirmed the continuation of its direct allowance payment system for Technical and Vocational Education and Training (TVET) college students in 2025. This approach, first introduced in May 2024, ensures students receive their funds directly into personal bank accounts.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. NSFAS funding covers tuition and registration fees, as well as several allowances for food, accommodation, and learning materials.
The TVET College NSFAS allowance system was implemented to eliminate intermediaries, significantly reducing delays and transaction issues. NSFAS believes this method has improved the efficiency of disbursing allowances for tuition, living expenses, transport, and learning materials.
Students Urged to Open Bank Accounts
NSFAS has called on TVET colleges to encourage students to open bank accounts.
New students qualifying for funding are advised to set up accounts with any South African bank. This step is essential to avoid disruptions and ensure timely payments.
Benefits of the Direct Payment System
NSFAS Administrator Freeman Nomvalo highlighted the success of the direct payment model, noting its cost efficiency and operational stability. The previous system had higher transaction costs and was prone to delays and technical issues.
The direct payment system has significantly reduced costs for both NSFAS and students. This change has led to fewer complaints and a more reliable experience for beneficiaries.
Eligibility and Steps for Uploading Details
Only students with confirmed funding and submitted registration data are eligible to add banking details.
Students can update their banking details on the myNSFAS portal by following these simple steps:
- Visit the myNSFAS portal
- Log in using your myNSFAS credentials.
- Select "Bank Account Details" under "Profile Information."
- Enter your bank details accurately.
- Click "Save."
NSFAS says students can minimise any potential disruptions in receiving their allowances by ensuring their profiles are up-to-date and submitting their banking details on time.
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