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The NSFAS will soon release its July allowances

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The NSFAS will soon release its July allowances

NSFAS allowances for university students will be distributed by the end of July 2023 to those who receive funding from the National Student Financial Aid Scheme. Students who have registered for the new payment solution, however, will be paid. 

Introduction

The National Student Financial Aid Scheme (NSFAS) in South Africa has made an announcement regarding the disbursement of allowances for university students in July 2023. They have introduced a new payment solution through the NSFAS bank account and a MasterCard.

New Payment Solution:

NSFAS has introduced a new payment solution for student allowances. This will replace the previous method where allowances were distributed to universities, which then distributed the money to students.

Registration for the New Payment Solution:

Students are required to register with the financial service provider contracted to their respective university in order to receive their allowances through the new NSFAS bank account.

Allowances in NSFAS Bank Account:

Students who have successfully registered with the financial service provider will have their July 2023 allowances deposited directly into their NSFAS bank account.

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NSFAS MasterCard:

Students can access their allowances using the new NSFAS MasterCard, which is linked to their NSFAS bank account.

Registration Data Linking:

To be eligible for the payment of allowances, students must ensure that their registration data is successfully linked to the new payment solution.

See also  NSFAS opens bursary applications for 2024

Urgent Registration Call:

NSFAS is urging students who have not yet registered for the NSFAS MasterCard to do so urgently to ensure they receive their allowances.

Uncertainty for Non-Registered Students:

It is unclear whether students who do not register for the NSFAS MasterCard will be able to access their allowances. To be on the safe side, students are strongly encouraged to register with the new payment solution.

Comprehensive Bursaries:

NSFAS provides comprehensive bursaries to eligible students who are enrolled in approved programs at universities in South Africa. This bursary covers tuition and registration fees.

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Allowances Provided:

In addition to tuition and registration fees, NSFAS also provides students with several allowances, including accommodation, learning materials, and living allowances.

Service Providers:

NSFAS has partnered with four service providers to implement this new payment solution. The service providers are Tenet, Coinvest, Ezaga, and Norocco. Students need to register with the appropriate service provider based on the university they attend.

Conclusion

The new NSFAS bank account and MasterCard aim to streamline the allowance disbursement process by directly depositing funds into students’ accounts. This should make it easier and more convenient for students to access their allowances and manage their finances while pursuing their studies at university.

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