NSFAS Has Now Finalised All 2023 Bursary Applications

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Student's who have been approved for funding from the National Student Financial Aid Scheme will may have to wait a little longer before they can begin using their allowances. This is because they are required to complete an authentication check.

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The National Student Financial Aid Scheme (NSFAS) briefed the media on Monday afternoon to update the public on the current state of affairs at the financial aid scheme. Officials touched on challenges around the new payment system, defunding of students and streamlining student accommodation.

The financial aid scheme revealed that it has finalised all bursary applications it received for the 2023 academic year and has provided applicants with their funding decisions. Successful NSFAS applicants will receive comprehensive funding from the scheme.

Students who are funded by NSFAS will not need to worry about the cost of their studies as NSFAS will pay their tuition fees and registration fees. Students will also receive several NSFAS allowances to cover the costs associated with their studies. 

NSFAS allowances paid to students include an accommodation allowance, living allowance and a learning material allowance. 

Earnest Khosa, NSFAS Board Chairperson says that students will only receiving funding once they registration data is submitted by their institution to NSFAS. When students' application are finalised, they will be paid their allowances through the new direct payment system/NSFAS bank account. 

As soon as a student is approved for funding a bank account is created with the details of the student which they will need to authenticate before they can access their funds.

Students will be required to complete a registration for their NSFAS bank account. This includes authenticating their identity. Identity authentication is critical in preventing fraud.  

They add that teams have been deployed to campuses around the country to assist students with authentication processes. 

Khosa concluded that NSFAS is the final stage of negotiations to ensure students enjoy value added services while using their NSFAS bank cards. 

Issues With NSFAS Bank Account

Students at various universities around South Africa have marched against the new NSFAS direct payment system. 

Since its implementation there have already been a number of complaints about the system, including students not receiving their funds, exorbitant bank charges, glitches, and unauthorised access resulting in loss of funds.

Some students have expressed frustration, noting that the onboarding process has been everything but ‘seamless’, with some questioning communication around the new system and why it was introduced at universities in the middle of the academic year.

Additionally, there have been suspicions surrounding the third-party financial service providers recruited for the new payment system, which has prompted an investigation by the South African Public Protector.

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nsfas board chairperson ernest khosa

The National Student Financial Aid Scheme (NSFAS) provides comprehensive bursaries to deserving students with a proven financial need. The financial aid scheme is committed to ensuring only deserving students receiving a bursary and has defunded more than 40 000 students who are found to be unworthy. 


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