THE National Student Financial Aid Scheme (NSFAS) has urged qualifying students to open bank accounts to ensure a more efficient disbursement of funds from institutions.
NSFAS Administrator, Dr Randall Carolissen, said the scheme is working on a banking model that will eliminate all intermediaries in the disbursement value chain.
The model will also facilitate direct deposits from NSFAS into student bank accounts.
“At present NSFAS, through its NSFAS Wallet, is already paying directly to students from 32 of the 50 Technical and Vocational Education and Training (TVET) colleges. During this week, NSFAS will be extending this facility to three additional colleges to ensure improved flow of funds directly to students. Students will be informed accordingly,” Carolissen said.
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Following the announcement of the countrywide lockdown by President Cyril Ramaphosa, in response to the COVID-19 pandemic, NSFAS activated a business continuity plan.
The plan aims to facilitate uninterrupted funding to students, the resolution of student applications queries, processing of appeals and general assistance to institutions with NSFAS administration.
In a statement on Tuesday, the Administrator emphasised that ensuring students receive their allowances during this time of general hardship and uncertainty is essential.
“Students are entitled to their allowances in order to sustain themselves, continue with academic activities online, as well as to pay for learning materials.”
Carolissen explained that students are funded once a registration template has been received, which will allow for a proper determination of their allowance structure.
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