NSFAS Students to Receive Allowance Via NSFAS Bank Account
In todays latest NSFAS News – The beneficiaries of the National Student Financial Aid Scheme’s (NSFAS’) bursary receive where necessary, allowances to cater for food, learning material and transport during their course of study.
Currently, these allowances are paid through third parties and as a result there have been issues such as unauthorized access to beneficiary allowance, lack of physical verification leading to possible payments to ghost beneficiaries, incorrect payments and possible duplicate payments.
NSFAS then sought an alternative secure and beneficiary-centred approach which will see students receive their allowances directly from the scheme through the NSFAS bank account.
As part of the digital transformation within the organisation, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank account as of the 2023 academic year.
NSFAS is a government entity under the Department of Higher Education and Training established according to the NSFAS Act (Act 56 of 1999) to provide financial support to disadvantaged students who wish to further their studies at public universities or TVET colleges.
What does the bursary cover?
Amounts indicated of accommodation, living allowance, transport and learning materials need to be aligned with the approved latest DHET guidelines.
As per the actual costs charged by the university (costs for private accommodation must not exceed costs for university residence)
- Transport (up to 40 km from institution) R7 500 per annum
- Living allowance R15, 000 per annum
- Book allowances R5200 per annum
- Incidental/personal care allowance R2900 per annum for students in catered residences
- Accommodation in an urban area R24,000 per annum
- Accommodation in an peri-urban area R18,900 per annum
- Accommodation in an rural area R15,750 per annum
- Transport (up to 40 km from institution) R7,350 per annum
- Transport R7000 per annum
- Incidental/personal care allowance R2900 per annum
- All South African citizens
- All SASSA grant recipients qualifies for funding
- Applicants whose combined household income is not more than R350 000 per annum
- Person with disability: Combined household income must not be more than R600 000 per annum
- Students who started studying before 2018 whose household income is not more than R122 000 per annum.