With the launch of the NSFAS bank account for university students, students supported by the National Student Financial Aid Scheme will have more financial autonomy. When they will begin providing allowances directly to students has been made known by the financial aid program.
NSFAS Allowance Payment
Beginning in June 2023, students will receive direct payments from the National Student Financial Aid Scheme (NSFAS) allowances. Just a few days prior, the financial aid program revealed a new payment method for students who are financed.
Students from low-income and working-class families can apply for complete bursaries from NSFAS. Only students participating in academic courses at public universities and Technical and Vocational Education and Training (TVET) colleges that have been approved may receive the comprehensive bursary.
Tuition and registration costs are covered by the NSFAS bursary for students. Additionally, supported students will be given living expenses, a learning material allowance, and an allowance for housing.
Previously, NSFAS gave out allowances to students through the institutions they attended or through outside partners. Allowances will now be sent directly to students in their NSFAS bank accounts under a new payment system that was initially launched in 2022.
NSFAS issued a call earlier this week encouraging college students to open an NSFAS bank account. A NSFAS mastercard, which they may use to spend their allowances, will be given to students once they have signed up for the NSFAS bank account.
NSFAS Allowance Payment Dates 2023
The new payment method provides NSFAS flexibility over when to pay students while also giving them assurance that they will receive their money.
The NSFAS Mastercard will also give students access to value-added services, the capacity to shop online, and tap-to-pay capability.
NSFAS partnered with several service providers to bring the new payment solution to students. Students will be required to register with a service provider based on the university they attend.
Cape Peninsula University of Technology
University of KwaZulu-Natal
University of Venda
University of Pretoria
University of Western Cape
University of Witwatersrand
Walter Sisulu University
Durban University of Technology
Tshwane University of Technology
University of Free State
University of Limpopo
University of Zululand
Vaal University of Technology
Sefako Makgatho Health Science University
Sol Plaatjie University
University of Mpumalanga
University of South Africa
Central University of Technology
Mangosuthu University of Technology
Nelson Mandela University
North West University
University of Fort Hare
University of Johannesburg
The NSFAS bank accounts were made available to students enrolled in Technical and Vocational Education and Training (TVET) institutes earlier this year.