Although the allocation of student funding by the National Student Financial Aid Scheme has expanded in size over the year. The bursary scheme’s disbursement model has not been without its fair share of challenges.
These range from application feedback delays to pro-longed feedback on appeals waiting and delays in the allocation of student allowances. According to NSFAS CEO, Andile Nongogo, the scheme has adopted a more direct payment model.
This means that payments are no longer done through institutions or third parties but are rather paid directly into the funded student’s account.
The main reasons for this is that not all institutions paid students on a set date, and NSFAS then had to deal with issues of students not being paid on time. Nongogo added that making payments directly to students brings more control and certainty to the payment process.
The new disbursement model also comes with the benefit of security for students, enabling them the freedom to transact using the banking system. Prior to these changes, NSFAS paid TVET College students through the wallet system.
The Scheme came across several incidents in which students were being defrauded and thus moved to the banking system. NSFAS formally introduced the NSFAS Bank Account earlier this year and encouraged funded students to register for it to enable the scheme to pay their allowances more efficiently and effectively.
