The NSFAS applications have officially closed and the 2024 academic year is well underway. While students gear up to take on the year ahead, the NSFAS Board has released the eagerly awaited schedule for NSFAS allowance payments for the upcoming year.
A brief look at 2024 NSFAS Application Data
As the 2024 NSFAS Applications closed on the 15th of February 2024, NSFAS has recorded a staggering 1 936 330 applications. The current statistics, as of March 2024, paint a detailed picture of the application outcomes:
- Provisionally Funded: Out of the total applications, 1 244 854 students have been provisionally funded. This number represents the bulk of the applicants who have met the initial criteria for funding consideration.
- Registration Data Received:
- Awaiting Evaluations: A total of 59 723 applications are pending evaluation, a crucial step before final funding decisions are made.
- Awaiting Supporting Documents: 94 816 applications are on hold, waiting for applicants to submit necessary supporting documents.
- Withdrawn Applications: 84 225 students have voluntarily withdrawn their applications for various reasons.
- Applications in Progress: There are 52 038 applications currently being processed, reflecting the dynamic nature of the NSFAS funding lifecycle.
- Not-Started Applications: Interestingly, 136 468 individuals created profiles but did not proceed to submit their applications. This figure indicates a high level of initial interest that did not translate into completed applications.
- Rejected Applications: NSFAS has had to make the tough decision of rejecting 243 113 applications based on set criteria and guidelines.
- Appeals: A significant number of students, totaling 15 174, have exercised their right to appeal, showcasing NSFAS’s commitment to transparency and due process.
NSFAS Allowance Payments Schedule By Institution
| University Name: | NSFAS Allowance Payments Commitment Date: |
| Cape Peninsula University of Technology | 29-Feb and will continue to make payment this week |
| Central University of Technology | 02 March 2024 |
| Duban University of Technology | 29 February 2024 |
| Mangosuthu University of Technology | Loading registration data |
| Nelson Mandela University | 01 March 2024 |
| North-West University | 01 March 2024 |
| Rhodes University | 28 February 2024 |
| Sefako Makgatho Health Sciences University | 04 March 2024 |
| Sol Plaatje University | 26 February 2024 |
| Tshwane University of Technology | 04 March 2024 |
| University of Cape Town | 17 -26 February & 01 March |
| University of Fort Hare | 26 February 2024 |
| University of Free State | The Institution will continue to pay the outstanding funds |
| University of Johannesburg | 07 March 2024 |
| University of Kwa Zulu Natal | 08 March 2024 |
| University of Limpopo | 26 February 2024 |
| University of Mpumalanga | 01 March 2024 |
| University of Pretoria | 04 March 2024 |
| University of South Africa | 04 March 2024 |
| University of Stellenbosch | 29 February and 01 March |
| University of the Western Cape | 23 February & 01 March |
| University of the Witwatersrand | 01 March 2024 |
| University of Venda | 26 February 2024 |
| University of Zululand | 01 March 2024 |
| Vaal University of Technology | NSFAS is engaging with the Institution |
Upfront Payments to Ease Registration Challenges
Understanding the financial hurdles that can hinder students from embarking on their academic paths, NSFAS has implemented a thoughtful and assertive strategy to lessen these burdens. The provision of upfront payments to educational establishments marks a transformative move, serving as a pivotal financial support to guarantee that students are unencumbered by fees at the vital stage of registering for classes.
January 2024 marked the rollout of NSFAS’s funding strategy, as universities were provided with R2.8 billion and TVET colleges received R580 150 950. This financial support was a direct action to alleviate the typical start-of-year stress for students, allowing them to direct their attention to their studies from the very beginning.
How Funds Were Allocated
Integral to this funding were NSFAS allowance payments designated for essential educational expenses. For the year in focus, book allowances were calculated at half the cost of the previous year, along with a month’s accommodation costs covered to ease students into their academic routines. In a tailored response to the needs of medical students, whose academic timelines differ, NSFAS provided for two months of allowances.
The subsequent upfront payment catered to the remaining half of the book allowance, reflective of the costs from the 2023 academic year, and included the accommodation allowances for March 2024. This foresighted financial planning by NSFAS not only streamlined the registration process for students but also assured that institutions were equipped with the necessary funds to distribute allowances from the last week of February 2024, exemplifying a clear, direct approach to student welfare and education continuity.
Direct Disbursements of NSFAS Allowance Payments
This two-month window for disbursements managed by the institutions is designed to facilitate a seamless transition to the new NSFAS allowance payments system. This strategy is intended to prevent any financial disruptions for students during the transition period.
Types of NSFAS Direct Payments Methods
1. NSFAS Wallet
The NSFAS Wallet serves as a direct and immediate method for students to access their NSFAS allowance payments. Through a secure mobile transaction, students can withdraw cash, pay for goods, or even transact online, providing a flexible solution for managing their finances.
2. Bank Transfer
For students who prefer traditional banking services, NSFAS facilitates direct bank transfers to students’ personal bank accounts. This method ensures that funds are safely deposited into accounts where students can easily access them for books and other necessities.
3. NSFAS Bank Account
A standout feature of the direct payment system is the NSFAS bank account, specifically designed for NSFAS beneficiaries. This account is intended to offer students a banking solution with minimal fees and tailored financial services that cater to their unique needs as students. The NSFAS bank account is pivotal in ensuring that allowances are distributed directly to students, cutting out any intermediary steps and providing students with direct control over their funds.
NSFAS Bank Account Partners
Coinvest: Coinvest operates as a financial technology firm that offers innovative savings and investment solutions. Through its partnership with NSFAS, Coinvest contributes to creating a financial ecosystem that encourages students to manage their allowances wisely, offering tools for saving and investing directly through their NSFAS bank accounts.
eZaga: eZaga is a digital banking platform designed to provide accessible financial services, particularly to underserved communities. Their collaboration with NSFAS ensures that students have access to a user-friendly digital banking experience, facilitating easy management of their educational funds with features tailored to their needs.
Norraco: Norraco, a technology solutions provider, plays a critical role in enhancing the security and functionality of the NSFAS bank accounts. By integrating advanced security measures and efficient processing systems, Norraco ensures that student transactions are safe and seamless.
Tene Tech Technology: specializes in developing educational technology solutions. Their partnership with NSFAS focuses on integrating technological advancements into the NSFAS bank accounts, making it easier for students to access educational resources, pay for tuition and books, and manage their daily expenses with technological ease.
These partnerships underscore NSFAS’s commitment to not only providing direct financial support to students but also ensuring that such support is accessible, secure, and beneficial in the long term.
By collaborating with these partners, NSFAS enhances the bank account system, making it a cornerstone of financial independence and management for students. This collaborative effort marks a significant step towards NSFAS’s goal of fostering an environment where students can pursue their academic goals without the burden of financial constraints, equipped with the tools to manage their finances effectively.
Frequently Asked Questions (FAQs)
Q: When will direct NSFAS allowance payments start for the 2024 academic year?
A: Direct NSFAS allowance payments are scheduled to commence in April 2024.
Q: How are NSFAS allowances being handled in February and March 2024?
A: During February and March 2024, institutions will be responsible for the disbursement of NSFAS allowance payments.
Q: Why are there upfront payments to institutions?
A: Upfront payments are made to ease the financial burden on students during registration, ensuring they can start their academic year without delays.
Q: How much was disbursed to universities and TVET colleges in upfront payments?
A: Universities received R2.8 billion, and TVET colleges got R580,150,950 in upfront payments.
Q: What is expected of institutions that have not yet submitted their registration data?
A: Institutions that have not submitted their registration data are urged to do so promptly to ensure the smooth implementation of NSFAS allowances.
This comprehensive approach by NSFAS for the 2024 academic year reflects a dedicated effort to streamline financial support for students, ensuring that their educational journey is unencumbered by financial constraints.
