After the launch of the NSFAS bank account for university students, students receiving funding from the National Student Financial Aid Scheme will have more control over their finances. The financial aid program has disclosed the commencement date for sending students’ allowances directly.
NSFAS Allowance Payment Date
Starting in June 2023, the National Student Financial Aid Scheme (NSFAS) allowances will be given to students directly. This announcement comes shortly after the financial aid program unveiled a new method of payment for students who are supported.
Students from working-class and low-income families can apply for comprehensive bursaries from NSFAS. Only students participating in accredited academic programs at public universities and Technical and Vocational Education and Training (TVET) schools are eligible for the complete bursary.
The tuition and registration costs for a student are covered by the NSFAS bursary. Additionally, funded students will get living expenses, a housing allowance, and a learning materials allowance.
University students were urged by NSFAS earlier this week to open an NSFAS bank account. Students will receive an NSFAS mastercard after signing up for the NSFAS bank account, which they can use to spend their allowances.
In addition to giving students assurance that payments would be paid, the new payment method allows NSFAS discretion over when payments are issued to students.
Students will also get access to value-added services, be able to shop online, and utilize tap-to-pay features thanks to the NSFAS Mastercard.
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How NSFAS Allowances Will Be Paid Directly
To provide students with the new payment option, NSFAS partnered with four different distribution partners. These distributors’ partners include Norocco, Tenet Technology, eZaga, and Coinvest.
Depending on the university they attend, students must sign up for the NSFAS bank account with one of these distribution partners.
NSFAS partnered with several service providers to bring the new payment solution to students. Students will be required to register with a service provider based on the university they attend.
Tenet Technology
Cape Peninsula University of Technology
University of KwaZulu-Natal
University of Venda
University of Pretoria
University of Western Cape
University of Witwatersrand
Walter Sisulu University
eZaga
Durban University of Technology
Tshwane University of Technology
University of Free State
University of Limpopo
University of Zululand
Vaal University of Technology
Coinvest
Rhodes University
Sefako Makgatho Health Science University
Sol Plaatjie University
Stellenbosch University
University of Mpumalanga
University of South Africa
Noracco
Central University of Technology
Mangosuthu University of Technology
Nelson Mandela University
North West University
University of Fort Hare
University of Johannesburg
Students enrolled at Technical and Vocational Education and Training (TVET) colleges began using the NSFAS bank accounts earlier this year.
