The National Student Financial Aid Scheme (NSFAS) is streamlining financial aid for TVET college students by transitioning to direct bank deposits for May 2024 allowances and onwards. This means students will receive their allowances (including funding for tuition, accommodation, learning materials, personal care, and transport*) directly into their chosen bank account.
NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker.
Starting May 2024, TVET students will receive allowances via bank deposit instead of the previous NSFAS bank card system. Direct bank deposits offer faster access to allowances compared to the previous system.
NSFAS has made the following clear:
Do not use the previous NSFAS Direct Payment Black Card.
All TVET NSFAS beneficiaries must submit their bank details through the myNSFAS portal to avoid delays in receiving their May allowances.
How To Submit Your Bank Details To Get NSFAS Allowances
- Visit the NSFAS website
- Click on 'myNSFAS portal'
- Log in using your myNSFAS account username and password
- Click on 'bank account details' which you can find under 'Profile information'
- Fill in your banking details for your bank account
- Click on 'Save'
Once a student finishes uploading their bank details on myNSFAS, NSFAS will then verify the information and inform the student once this verification process is completed.
TVET College NSFAS Allowances
TVET students typically receive allowances for personal care, transport (if living further than 40km from college), and accommodation, in addition to tuition and registration fee coverage. Distance learning students receive tuition/registration fees and an annual personal care allowance.
