After months of complaining and the disappearance of fund, the National Financial Aid Scheme (NSFAS) has finally made the decision to pay allowances directly into students’ accounts.
The decision came after college students were complaining for months about delays and non-payment of their monthly allowances. This resulted in the NSFAS administrator Freeman Nomvelo announcing that changes in the payment process would take effect as from the end of May.
Earlier this month Freeman announced that hundreds of students found themselves evicted after landlords refused to provide them with accommodation due to the delay in payments.
With the new system coming into effect at the end of this month, he encouraged college student to make every effort to ensuring that their banking details are updated so that the transition can be as smooth as possible.
Those who do not have any bank accounts were urged to do so as well.
“NSFAS is equally mindful of challenges experienced by university students, however, this direct payment mechanism will currently be applicable to TVET college students. University students will continue to receive their allowance through their institutions until the end of July 2024,” the financial aid scheme explained.
To update banking details, do the following:
- Visit the myNSFAS portal: www.nsfas.org.za
- Log in using your myNSFAS credentials
- Under “Profile Information,” select “Bank Account Details.”
- Enter your bank details from your chosen bank
- Click “Save.”
Once complete NSFAS will verify information directly with your bank.
Also see: Student shares budget plans for R7000 NSFAS allowance
