The National Student Financial Aid Scheme (NSFAS) has confirmed that over 7,000 TVET college students will not receive their May 2024 allowance payments due to failing bank verification checks.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials.
NSFAS recently implemented a new system where students receive allowances directly in their bank accounts. To ensure timely payments, they required TVET college students to upload their banking details on the myNSFAS portal.
While over 211,000 students had their bank accounts successfully verified, a significant number failed the process. NSFAS explained that these failures stemmed from students providing bank accounts not registered under their names.
In terms of the data received thus far, a total of 211 591 have been verified. All students whose bank accounts were successfully verified will henceforth receive their allowances directly via their bank accounts.
"Students must provide accurate information," said NSFAS Administrator Freeman Nomvalo.
Some students submit parents' bank accounts, causing verification problems. We urge all students to open their own accounts.
NSFAS is urging affected students to resubmit their correct banking details on the myNSFAS portal to avoid further delays in receiving their May allowances.
They encouraged students facing any challenges to contact the financial aid scheme for assistance. This can be done via email or by calling the NSFAS contact centre on 080 006 7327 or sending an email to info [at] nsfas.org.za (info[at]nsfas[dot]org[dot]za).
How To Update Your NSFAS Bank Details
- Log in to your myNSFAS using your username and password.
- Once logged in, navigate to the “Banking Details” under the Profile Information.
- Review the existing banking details provided by entering the account number, bank name, branch name, and account type.
- If required, update the correct banking details, ensuring that all the information provided is accurate.
- Once the update is complete, click on the “Save” or “Update” button to save changes.
It's important to double-check the accuracy of the banking details before submitting them. Incorrect details may result in delays.
