The National Student Financial Aid Scheme (NSFAS) has confirmed the payment procedures for NSFAS allowances for August 2024, affecting all students receiving NSFAS funding.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. This funding is meant to assist students from poor and working-class backgrounds to pay for their tertiary education studies.
How NSFAS Allowance Payments Will Work for August 2024
University Student Allowances
NSFAS confirmed that universities will continue to disburse NSFAS allowances until the end of the year. Initially, in April 2024, the government bursary scheme indicated that universities would be responsible for allowance payments until the end of July 2024.
However, a recent update clarified that universities will extend these NSFAS allowance payments through the end of the year.
TVET College Student Allowances
For TVET college students, NSFAS will deposit allowances directly into their bank accounts. Therefore, all TVET college students must have a bank account.
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."
Black NSFAS Bank Card No Longer Used
The new NSFAS allowance payment arrangements for both university and TVET college students replace the previous NSFAS Direct payment method, making the NSFAS Direct Payment Black Card obsolete. NSFAS has confirmed the termination of contracts with the service providers.
