The National Student Financial Aid Scheme (NSFAS) has announced that students will receive their NSFAS allowances for July 2023 via their new NSFAS bank account. This follows the financial aid scheme’s call for university students to register for the new payment solution.
NSFAS said students who successfully registered with the financial service provider contracted to their university will receive their July 2023 allowances in their NSFAS bank account. Students can use their allowances using the new NSFAS MasterCard.
This payment of allowances will be for all students that have their registration data successfully linked and have registered for an account.
The financial aid scheme is calling on students who have not registered for their NSFAS MasterCard to register urgently. It remains unclear whether these students will be able to access their allowances if they do not register for the NSFAS MasterCard.
Students who have not onboarded, we encourage you to do so urgently for NSFAS to pay your allowances.
NSFAS provides comprehensive bursaries to eligible students enrolled in approved programmes at universities in South Africa. The NSFAS bursary will cover a student’s tuition and registration fees.
In addition to this, NSFAS will also provide students with several allowances, including an accommodation allowance, a learning material allowance and a living allowance.
Previously, these allowances were distributed to the university which would then distribute the money to students. The newly introduced NSFAS bank account allows the financial aid scheme to pay allowances directly to students.
NSFAS partnered with four service providers to bring this new payment solution to students. These four partners include Tenet, Coinvest, Ezaga and Norocco. Students must register with one of these service providers based on the university they attend.