The National Student Financial Aid Scheme (NSFAS), a critical lifeline for many South African students, provides funding which includes NSFAS allowances. These NSFAS allowance payments are made to students every month.
Here's a guide on how NSFAS allowances will be paid to students for October 2024.
How NSFAS Allowance Payments Will Be Made For October 2024
TVET College Allowance Payment Plan
NSFAS 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, allows students to receive funds for living expenses, accommodation, transport, and learning materials. NSFAS said this new system has significantly reduced the cost of disbursing allowances, lowering transaction fees from R22 per student to less than R1.
NSFAS has urged 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 may 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 handle 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 rest of the year.
Following discussions between Universities South Africa (USAF) and NSFAS Administrator Freeman Nomvalo, it was agreed that universities would manage student allowance payments through the 2024 academic year.
NSFAS will continue to disburse funds to institutions based on verified student registration data.
NSFAS provides financial assistance to South African students pursuing tertiary education at universities and technical vocational education and training (TVET) colleges. NSFAS funding covers tuition, registration fees and includes allowances to pay for student needs.
