The scheme’s new allowance disbursement method has become all the more important because NSFAS recently confirmed that the allowance payments will begin in June.
Although NSFAS has not given a specific date for this, familiarizing yourself with how the NSFAS Bank account works is essential.
How The NSFAS Bank Account Works
The NSFAS Bank Account is a bank account specifically designed for NSFAS beneficiaries. It is a zero-fee account that is offered in collaboration with four third-party financial service providers. These third-party entities include eZaga, Coinvest, Tenet Technology and Norraco.
To access their NSFAS Bank account for allowances, funded students are required to register for NSFAS Bank account with each of the above-mentioned financial service providers.
To make this a more convenient process for students, NSFAS provides a list of tertiary institutions that have been designated to register with each of these financial service providers.
Once they have registered for a NSFAS bank account, students will then receive a MasterCard which they can use to make transactions and access value-for-money services. This is because information will be gathered from these transactions to maximise the deals NSFAS can negotiate for its students.
The NSFAS Mastercard will be activated for as long as a student is still funded by NSFAS.
What NSFAS Allowances Are Given To Students?
For the 2023 academic year, the bursary scheme will pay out an annual learning material allowance of R5,460 to university students. This is in addition to the R12,705 meal allowance students will receive per year.
NSFAS-funded students in universities who are not accommodated in catered residences will receive an allowance of R15,750 a year to cover meals and other related expenses. This allowance is comprised of R3,045 as a personal care allowance per year and R12,705 as a meal allowance per year.
In addition to this, NSFAS provides an annual personal care allowance of R3,045 to distance university students studying an equivalent full-time course credit. This requires a student to be registered for a minimum of 120-course credits in one academic year.
Furthermore, in addition to covering a beneficiary’s tuition fees, NSFAS will also pay for student accommodation in accordance with its newly introduced R45 000 annual price cap.
