NSFAS has already begun disbursing funds for the 2023 academic year. The disbursement of NSFAS allowances using the new payment system began in June and with August only roughly a week away, students must remain informed about what to expect when it comes to NSFAS allowance payments.
For the 2023 academic year, nearly 1 million tertiary students throughout the country are funded by the National Student Financial Aid Scheme (NSFAS). This includes funded students enrolled in the country’s public universities and TVET colleges.
The scheme received a budget allocation of R47.6 million for the current academic year, according to Higher Education Minister, Blade Nzimande, who went on to say that this year’s NSFAS allowance payments have been adjusted for inflation.
Nzimande also confirmed that NSFAS allowance payments would still be made on a monthly basis but will be paid directly to students through their NSFAS bank accounts, which also comes with added benefits.
How Much Will NSFAS Allowances Be For August?
According to Nzimande, the only distance university students who qualify for a personal care allowance are those enrolled for an equivalent full-time course credit load. They qualify for an annual personal care allowance payment of R3 045.
This cohort of NSFAS funded students must be registered for a minimum of 120 course credits per year. Meanwhile those enrolled for less than 60 course credits will only receive the learning material allowance.
All NSFAS-funded university students who live in non-catered university residences will receive an annual living allowance of R15 750 made up of R3 045 as a personal care allowance per year and R12 705 as a meal allowance.
In terms of student accommodation allowance, all institutions owned or leased, as well as private accommodation, will be capped at R45 000 per academic year. Private accommodation allowances will be required to be paid directly to private accommodation service providers by Nsfas or institutions.
Challenges With NSFAS Direct Payment System
The newly introduced direct payment system has not been without its own challenges as students have reportedly not received their allowance payments on time. However, the scheme has responded by saying that they will implement intervention measures to resolve the complaints brought forward by the affected students.
Meanwhile the bursary scheme has called on all funded students to onboard themselves onto the system to begin receiving their allowances directly from June 2023.
To find out more about the NSFAS bursary, applications and the latest changes, head to our NSFAS page.