NSFAS Announced Allowances for July.Approximately 1 million students are eligible for NSFAS funding this year, and the program has already disbursed allowances for the previous month. The upcoming month of July will bring the next round of allowances, and students eagerly anticipate the arrival of their payments in their respective accounts.
NSFAS Announced Allowances for July
Several months ago, the National Student Financial Aid Scheme revealed modifications to its funding model. One notable change is the direct transfer of allowances to students’ NSFAS bank accounts. This alteration aims to ensure prompt delivery of allowances and mitigate any security risks associated with monthly payments.
In a statement made earlier this year, Higher Education Minister Blade Nzimande announced a 5% increase in NSFAS allowances starting from February.
There Are Following Nsfas Announced Allowances for July
- Allowances for living and personal care
- Allowances for Accommodation
Allowances for living and personal care
Furthermore, within the 2023/24 budget allocation for the bursary scheme, Nzimande also announced a 10% increase in living allowances, adjusted for inflation. As a result, all students funded by NSFAS will now receive a monthly living allowance of R1,650.
For university students studying via distance learning and enrolled in a course equivalent to a full-time load, there is an additional annual personal care allowance of R3,045. This supplement is provided alongside an annual meal allowance of R12,705.
To be eligible for the aforementioned personal care allowance of R3,054 per year, distance learning students must be enrolled in a minimum of 120 course credits. On the other hand, students enrolled in less than 60 course credits will only qualify for a learning materials allowance.
Allowances for Accommodation
NSFAS-funded students enrolled in TVET colleges and residing in campus-owned self-catered residences will receive an annual accommodation allowance of R54,000.
For TVET college students residing in private accommodation, they will receive a living allowance of R6,000, a personal care allowance of R3,045, and an accommodation allowance of R45,500.
It is important to note that students can qualify for either an accommodation allowance or a travel allowance. Concerning accommodation allowances, students residing in accredited private accommodation will receive an annual allowance of R45,000, based on the newly introduced price cap.
Students living in institution-catered accommodation are eligible for a maximum allowance capped at R60,750 per year. This accommodation allowance includes the living allowance and personal care allowance.
NSFAS has also emphasized the need for students who have not yet registered their NSFAS bank accounts to do so promptly. To accomplish this, students must follow the step-by-step instructions provided on how to onboard their myNSFAS profile onto their respective bank account.
