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 system, which was successfully implemented in 2024, ensures that eligible students receive their allowances directly into their personal bank accounts.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in TVET colleges. This includes money for tuition and registration fees as well as allowances for living expenses, accommodation/transport and learning materials.
Since its introduction in May 2024, NSFAS says the direct payment system has streamlined the disbursement process and eliminated the need for intermediaries which significantly reduced delays.
The allowances payment channel for TVET College students remains their own bank accounts.
NSFAS called on TVET Colleges to instruct students to open bank accounts to ensure they can receive timely NSFAS allowance payments.
Colleges should encourage new NSFAS qualifying students to open a bank account at any of the South African banking institutions.
Benefits of Direct Payments
NSFAS administrator Freeman Nomvalo highlighted the key advantages of the new system including its cost efficiency and improved stability.
The previous payment system incurred significant transaction costs for both NSFAS and students. The direct payment system has drastically reduced these costs, resulting in significant savings.
Nomvalo added that the streamlined process has significantly reduced delays and technical issues, leading to fewer complaints and a more stable payment experience for students.
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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