The National Student Financial Aid Scheme (NSFAS) has outlined its allowance payment plan for the remainder of the year, detailing how payments 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.
As of May 2024, all TVET college students funded by NSFAS began receiving their allowances through direct deposits into their personal bank accounts. Students without existing bank accounts were able to select a bank for this purpose.
NSFAS will continue to utilise this payment method for TVET college allowance disbursements.
Benefits of the New TVET College Allowance Payment System
NSFAS administrator Freeman Nomvalo has stated that the new payment system has significantly reduced the cost of disbursing allowances to students. The previous payment mechanism was both costly and problematic, with each transaction costing NSFAS R22 and students R10.
By switching to direct payments using its internal banking system, NSFAS reduced the cost to less than R1 per transaction, while also stabilising the system and reducing student complaints.
TVET College Students Must Submit Banking Details to Receive NSFAS Allowances
NSFAS has urged TVET college students to upload their banking details on the myNSFAS portal to ensure timely receipt of allowance payments. Approximately 11,000 students have yet to submit their banking details, which could result in delays.
Only students with confirmed funding and submitted registration data are eligible to add their banking details on the myNSFAS portal. All submitted bank accounts are subject to 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."
