NSFAS has just revealed which students will receive NSFAS allowance payment in December 2023. This is important because some students did not relieve their correct allowance allow actions during the course of the year.
The National Student Financial Aid Scheme (NSFAS) is currently in the process of completing the year-end reconciliation of allowance data received from universities, ensuring that students receive the allowances they are entitled to.
NSFAS provides comprehensive bursaries to students at South African public universities and Technical and Vocational Education and Training (TVET) colleges, covering various study-related costs through allowances.
The reconciliation process is crucial for accurately disbursing allowances and addressing any instances of over or under-disbursement. It also accommodates changes in the types of allowances students receive, such as accommodation or transport allowances, based on changes in their living arrangements.
The reconciliation of data is an important measure to enable NSFAS to disburse accurate allowances to the rightful recipients and also ensure that NSFAS addresses instances of over or under-disbursement of allowances.
To minimise delays in allowance payments, NSFAS is actively working with institutions and apologised for the impact this is having on students.
Recent reports from North-West University highlight the dire consequences of unpaid NSFAS allowances, leaving over a thousand students without funds for their November 2023 allowances.
In addressing delays, NSFAS is in communication with affected universities, particularly considering the festive season recess when students need funds to return home. The scheme is committed to mitigating the impact of these delays.
Regarding the mechanics of NSFAS allowance payments, university students typically receive ten allowance payments annually, distributed from February to November.
The December payments result from the year-end reconciliation, with the end-of-October payment intended to be the final instalment for the academic year. Mop-up payments, made after financial reconciliations, address outstanding allowances not captured initially.
The disbursement of the 2023 Mop-up allowances is currently underway, and these payments will be included in the final disbursement. NSFAS is actively updating institutions affected by this process to ensure transparency and timely communication.