NSFAS Call for Students to Submit Banking Details
NSFAS Call for Students to Submit Banking Details
NSFAS Call for Students to Submit Banking Details The National Student Financial Aid Scheme (NSFAS) has issued a renewed call for students to submit their bank details to facilitate the timely disbursement of allowances. This announcement comes as part of NSFAS’s ongoing efforts to streamline the financial aid process and ensure that all eligible students receive their funds without unnecessary delays.
Students must upload their banking details as soon as possible to prevent allowance payments delay. This is the message from NSFAS administrator Freeman Nomvalo as the next NSFAS allowance payment cycle approaches.
The National Student Financial Aid Scheme (NSFAS) has reiterated its call for students to upload their banking details on the myNSFAS portal. Failure to do this will result in students not being paid their NSFAS allowances.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding includes money for tuition and registration fees as several allowances for living expenses, accommodation and learning materials.
In May, NSFAS announced that TVET college students would have their NSFAS allowances deposited into a bank account of their choosing. To ensure timely payment, students needed to upload their bank details on the myNSFAS portal.
The scheme revealed that over 7,000 TVET college students didn’t pass NSFAS’s bank account verification checks. Consequently, many of them experienced delays in receiving their May 2024 allowances.
Upload Baking Details Now For NSFAS Allowances
NSFAS administrator Freeman Nomvalo has called on all TVET students who do not yet have bank accounts to open one with a bank of their choice and submit their banking details on the NSFAS portal. They reminded students that banking details from other people will not be approved for NSFAS allowance payments.
Nomvalo’s main objectives following his appointment in April 2024 was to ensure students receive their allowances on time, develop capacity to address NSFAS shortfalls and evaluate possible changes to the NSFAS Act to improve the scheme’s efficacy and efficiency.
The non-payment of allowances was identified as a threat to the stability of the academic programmes at universities and TVET colleges. It is therefore critical that allowances are paid to students and by extension, that students upload their banking details as soon as possible.
Steps to Upload Your Bank Details for NSFAS Allowances
- Visit the myNSFAS portal: myNSFAS Portal
- Log in using your myNSFAS credentials.
- Under “Profile Information,” select “Bank Account Details.”
- Enter your bank details from your chosen bank.
- Click “Save.”
Students are required to log onto their myNSFAS account and submit their banking details for NSFAS to pay them through a bank of their choice. NSFAS will verify the submitted information directly with your bank.
