The National Student Financial Aid Scheme (Nsfas) aims to provide students with comprehensive funding while they obtain an undergraduate qualification at a public university or Technical and Vocational Education and Training (TVET) college.
Nsfas will pay a student's registration and tuition fees. Additionally, Nsfas funded students receive several Nsfas allowances including a learning material allowance, a living allowance and an accommodation allowance.
The financial aid scheme revealed that students who attend TVET colleges can expect to receive their allowances in the coming days. This comes after several TVET colleges submitted registration data to Nsfas.
Nsfas said, “All TVET students whose registration data has been received by Nsfas should receive allowances by 10 March 2023.”
They revealed that all students whose data was received by Nsfas will receive their allowances by 10 March 2023. They will proceed with the payment of allowances to remaining students as soon as they receive registration data.
Nsfas has successfully made payments to TVET Colleges that have submitted registration information for students and will continue to make payments as and when information is received.
The financial aid scheme called on students to register for the Nsfas Bank Account. The onboarding process can be completed on the Nsfas website. Students are reminded to ensure they register with the financial service provider that partnered with their college
Nsfas believes the new payment option will allow students to have greater control over their money while teaching them financial responsibility.
The new solution will help students manage their finances suitably and teach them financial responsibility.
Once students have registered on the new payment system, they will be issued a physical and a virtual card. This card can be used the same way as a regular Mastercard and is equipped with tap and pay functionally.
