NSFAS News Today 28th April 2023
In todays latest NSFAS News – More than 38 million tertiary students will be supported financially by the National Student Financial Aid Scheme (NSFAS) through 2022.
Successful applicants to the government bursary scheme at public universities and Technical and Vocational Education and Training (TVET) Colleges will begin receiving their allowances and making purchases with the new NSFAS mastercard beginning with the 2023 school year.
Sessions have been held with institutions to get them on board with NSFAS’s recent initiative to have monthly allowances paid directly to students.
To enroll in the NSFAS Bank Account, students should check the NSFAS website or the NSFAS social media channels for the latest information.
After students who receive financial aid have been added to the new system, they will be issued an NSFAS bank card (either digitally or in physical form) that can be used just like any other debit card.
The new payment mechanism was initially tested in a subset of TVET institutions, and it will be rolled out to all publicly financed schools gradually over time.
The NSFAS mastercard is used to disperse student allowances, and the program collaborated with companies like Coinvest, Tenet Technology, eZaga, and Norraca to make this possible.
The NSFAS CEO has also announced that funds will no longer be disbursed via educational institutions or other intermediaries, but will instead be deposited directly into students’ bank accounts.
Students will have more say in when they are paid and more assurance that they will be paid with this method.
This method of payment has many advantages, including allowing students the option of choosing a safer banking system and providing opportunities for cost savings.
Allowances for college students, how do they function?
Student allowances from the NSFAS help cover things like rent, food, and books for bursary winners.
Over R10 billion has been spent on student housing through the Scheme, with an upper cap of R45,000 per student.
Bursary funding may be limited, but the government has promised to increase allowances and expand housing options for students in the future.
