The National Student Financial Aid Scheme (NSFAS) has confirmed its allowance payment plan for the rest of the year. This includes how the scheme will pay allowances 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.
From May 2024, all TVET college students funded by NSFAS received their allowances directly deposited into their personal bank accounts. Students could choose a bank if they did not already have a bank account.
NSFAS will continue to use this payment method for TVET college allowance payments.
Benefits Of New TVET College Allowance Payment Systems
NSFAS administrator Freeman Nomvalo revealed that the new payment system has dramatically reduced the costs of paying allowances to students.
The previous allowance payment mechanism was not only costly but also problematic. Each transaction previously cost NSFAS R22, and students R10.
Since NSFAS decided to pay allowances directly to students using its internal banker, the scheme reduced cost to less than R1 per transfer while significantly stabilising the system and reducing student complaints.
TVET College Students Must Submit Banking Details To Receive NSFAS Allowances
NSFAS called on TVET College students to upload their banking details on the myNSFAS portal to ensure they receive their allowance payments on time.
Approximately 11,000 students had yet to submit their banking details on the myNSFAS portal, which could delay their allowance payments. Efforts were underway to ensure all students' banking details were available and verified.
It’s important to note that only students with confirmed funding and submitted registration data could add their banking details on the myNSFAS portal. NSFAS verified all submitted bank accounts.
How TVET Students Could 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."
