The National Student Financial Aid Scheme (NSFAS) provides comprehensive bursaries and loans to eligible students enrolled in approved courses at universities and TVET colleges. A key component of NSFAS funding is the monthly allowances given to students.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. These bursaries cover tuition and registration fees, as well as several allowances for food, accommodation, and learning materials.
NSFAS recently detailed its allowance payment plan for the rest of the year, outlining how payments will be made to students at TVET colleges.
What NSFAS Allowances Do TVET College Students Receive?
NSFAS provides the following allowances to TVET students:
- Personal Care Allowance: Available to all NSFAS-funded students.
- Transport Allowance: For students living less than 40km from their college.
- Accommodation Allowance: Also covers tuition and registration fees.
NSFAS Payment System for TVET Students
Since May 2024, NSFAS has been disbursing allowances directly to students' bank accounts. Those without bank accounts were able to choose one for the purpose of receiving their funds.
This payment method will continue, meaning that in October, TVET college students will receive their allowances via direct deposit into their personal bank accounts.
Only students with confirmed funding and completed registration can add their banking details on the myNSFAS portal. All accounts are subject to NSFAS verification.
Improved Payment System Reduces Costs
NSFAS administrator Freeman Nomvalo announced that the new payment system has significantly cut costs. The previous mechanism was expensive, costing NSFAS R22 and students R10 per transaction.
With the new direct deposit system, NSFAS reduced transaction costs to under R1, stabilising the payment process and reducing student complaints.
