The National Student Financial Aid Scheme (NSFAS) provides financial support to many of South Africa's students and assists them with pursuing tertiary education.
NSFAS distributes allowances to its beneficiaries, that cover various costs associated with higher education such as living expenses, transport, tuition and study materials.
The University of South Africa (Unisa) is one of the tertiary institutions whose students benefit from NSFAS.
Unisa has announced that for the future, it will be using a new EFT process to deposit refunds and/or NSFAS allowances into the accounts of students qualifying for such payments.
NSFAS allowances will be processed twice a month, in the first and the third week of each month.
The steps in the process are as follows:
- If you qualify for a refund and/or allowance, an email has been sent to your myLife email account, containing the relevant information along with a secure link to a site where the relevant banking details must be entered and submitted.
- After reading the email carefully, click on the link, enter your banking details and submit these. NB: Only your own, active bank account can be used. Payments to third-party accounts will not be processed. The account particulars will be verified against your ID number.
- The verification status of the details you have submitted will be displayed. This may not occur immediately; revisit the link until such time as the information is made available.
- If the bank account verification fails or is rejected, re-enter your banking details and make sure that they are correct.
Queries can be directed to the Unisa Directorate of Student Funding. Refunds can take up to 15 working days to be reflected in your account.
