The National Student Financial Aid Scheme (NSFAS) recently introduced a new allowance payment system to address ongoing payment challenges. The new system uses a direct bank deposit system.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials.
When will TVET College NSFAS allowance payments start?
Starting 25 May 2024, all TVET college students funded by NSFAS will receive their allowances directly deposited into their personal bank accounts. Students can choose a bank of their choice if they do not already have a bank account.
All TVET College Students Funded by NSFAS can receive their allowances through a bank account of their choice with any bank
NSFAS is urging all TVET college students to submit their banking details through the myNSFAS portal by 20 May 2024. This will not only ensure a smooth transition to the new system but also prevent delays in allowance payments.
It's important to note that only students with confirmed funding and submitted registration data can add their banking details on the myNSFAS portal. NSFAS will verify all submitted bank accounts.
The implementation of this new direct payment system also means that previous NSFAS Direct bank accounts will no longer be used.
NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker. Do not use the previous NSFAS Direct Payment Black Card
NSFAS have urged TVET College principals and Student Support Services at TVET colleges to assist students in submitting their banking details by May
How To Upload Your Bank Details For NSFAS Allowances
- Visit the myNSFAS portal: https://www.nsfas.org.za/
- Log in using your myNSFAS credentials.
- Under "Profile Information," select "Bank Account Details."
- Enter your bank details from your chosen bank.
- Click "Save."
You are therefore required to log onto your myNSFAS account and submit your banking details for NSFAS to pay you through a bank of your choice
NSFAS will verify the submitted information directly with your bank.
