The National Student Financial Aid Scheme (NSFAS) has confirmed they are verifying students’ bank details in preparation for May 2024 NSFAS allowance payments.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. This funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials.
Earlier this month NSFAS confirmed that TVET College students will now be receiving their allowances through a bank account at a bank of their choice. Students were informed that this new payment system will be implemented for the allowance payments that are due at the end of May 2024.
NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker.
TVET College NSFAS Allowances Plans For May
NSFAS called on all TVET College students who don't have bank accounts to open one and inform the scheme of their details via their MyNSFAS login account.
The account can be opened with any South African bank of the students choosing. Once the student opened the bank account, they were required to upload their bank details on the myNSFAS portal.
All students were encouraged to submit bank details by Monday, 20 May 2024 to ensure no delays in allowance payments. NSFAS is set to begin paying May 2024 allowances to TVET College students from 25 May 2024.
Here's How To Submit Your Bank Details To Get NSFAS Allowances
- Visit the NSFAS website
- Click on 'myNSFAS portal'
- Log in using your myNSFAS account username and password
- Click on 'bank account details' which you can find under 'Profile information'
- Fill in your banking details for your bank account
- Click on 'Save'
Once a student finishes uploading their bank details on myNSFAS, NSFAS will then verify the information and inform the student once this verification process is completed.
Which NSFAS Allowances Do TVET College Students Get?
NSFAS provides the following allowances to students:
- Personal Care Allowance
- Transport Allowance
- If you live less than 40km away from the College, you're eligible for the transport allowance
- Accommodation Allowance
They will also cover tuition fees and registration fees.
Students who attend TVET Colleges but are enrolled in distance learning programmes will only have their tuition fees and registration fees covered by NSFAS and will only receive a personal care allowance once a year.
What Happens To The NSFAS Bank Account
It's important to note that this direct payment system is replacing the NSFAS bank account which students registered for with Fintech service providers in 2024. This means that students are no longer required to use their black NSFAS bank card and connect to their NSFAS bank account.
Do not use the previous NSFAS Direct Payment Black Card
