The National Student Financial Aid Scheme (NSFAS) has confirmed the allowance payment plans for September 2024. Students are advised to familiarise themselves with the plan, which outlines who to contact in case of any allowance payment issues.
NSFAS offers comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET Colleges This funding includes tuition and registration fees and several allowances for living expenses, accommodation/transport, and learning materials.
How NSFAS Allowances Will Be Paid for September 2024
TVET College Allowance Payment Plan
NSFAS has confirmed that it will continue to pay allowances directly into the bank accounts of students enrolled in approved TVET Colleges.
This payment method, introduced in May 2024, enables students to receive funds for living expenses, accommodation, transport, and learning materials.
NSFAS noted that this new system has significantly reduced the cost of disbursing allowances, lowering transaction fees from R22 per student to less than R1. Additionally, the system has improved stability and decreased the number of complaints.
NSFAS urges students to ensure their banking details are uploaded and verified on the myNSFAS portal to avoid payment delays. Approximately 11,000 students have yet to submit their banking information, which could result in delays.
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."
University Allowance Payment Plan
In April 2024, NSFAS announced that universities would manage the payment of allowances to students until the end of July 2024. By July, NSFAS extended this arrangement, confirming that universities would continue to disburse allowances for the remainder of the year.
Following discussions between Universities South Africa (USAF) and NSFAS Administrator Freeman Nomvalo, it was agreed that universities would handle student allowance payments throughout the 2024 academic year.
NSFAS will continue to disburse funds to institutions based on verified student registration data.
NSFAS has also indicated that a new payment system is expected to be fully developed by September 2024, though it is unclear whether this timeline will change due to the current arrangements. Details regarding the allowance distribution for the 2025 academic year will be provided later.
