The National Student Financial Aid Scheme (NSFAS) has been in the news lately due to resignations and board restructuring. Now, there's another important announcement regarding student allowances.
NSFAS introduced the Direct Payment solution in 2022. This system used a single NSFAS bank account, managed by fintech providers, to distribute allowances to students. However, this system caused problems, including high bank charges and payment delays.
New Payment Methods for NSFAS Allowances
NSFAS has addressed these issues by scrapping the Direct Payment system. Here's what students can expect:
- TVET College Students: Allowances will be paid directly into a bank account of the student's choosing at any South African bank.
- University Students: Universities will handle allowance payments directly until the end of July 2024.
TVET College Students: Update Your Bank Details
NSFAS Administrator, Freeman Nomvalo, urges all TVET College students to open a bank account if they don't already have one. Students can then submit their bank details through their MyNSFAS login account.
How to Submit Your Bank Details for NSFAS Allowances
- Visit the NSFAS website.
- Click on "myNSFAS portal".
- Log in using your MyNSFAS username and password.
- Under "Profile Information", click on "bank account details".
- Enter your bank account information.
- Click "Save".
NSFAS will verify your submitted information. Once successful, they will notify you and initiate your allowance payments.
