The planned way of giving out NSFAS allowances can be messed up because of the…
The National Students Financial Aid Scheme (NSFAS) is a public organization in South Africa that offers financial assistance to needy undergraduate students seeking to attend college or university. In this article, we will explore the monthly allowance provided by NSFAS in 2023 and discuss the different categories of allowances.
NSFAS Allowance Categories
NSFAS offers five categories of allowances to its applicants: Study Materials allowance, Accommodation allowance, Travel allowance, Incidental allowance, and Living allowance. These allowances are provided to cover various expenses and are either one-time payments or monthly allowances for the academic period.
Monthly Allowance Amount
On average, NSFAS pays a monthly allowance of R4,296 to each individual, which covers a period of 10 to 11 months. As part of the study material allowance, NSFAS provides R5,200 for the entire period, which should be used for books and other learning materials.
Accommodation Allowance
The amount and duration of the monthly accommodation allowance may vary based on the institution and campus where the student resides. This allowance applies only to private accommodation, not for students living on campus. For example, if you are studying at the Stellenbosch campus, you can receive R5,970 per month for 10 months. At the Tygerberg campus, the allowance is R5,427 for 11 months. While the campuses may have different payment structures, the amounts are generally similar.
Living Allowance
The living allowance is intended to cover day-to-day expenses, such as food and other necessities. In 2023, the monthly living allowance provided by NSFAS is R1,500. However, the amount may vary depending on the institution or campus, with the average being around R1,500 per month.
Incidental Allowance
NSFAS provides an incidental monthly allowance of R290, which can be subject to change. This allowance is meant to support minor expenses that may arise during the academic year.
Travel Allowance
The annual travel allowance varies based on the distance of the campus from the student’s location. The further the campus, the higher the amount. However, NSFAS has set an average travel allowance of R750 to cover all students’ travel expenses.
NSFAS Allowance for the Year 2023
The NSFAS pays an average of R90,590 per year to students enrolled in public institutions. This amount represents the total financial support provided by NSFAS to eligible students.
Release of NSFAS Funds in 2023
The process of receiving funds from NSFAS has been streamlined, and the release and disbursement of funds follow a similar pattern for most academic years. Each university, regardless of its academic calendar, has a default payment structure from NSFAS. TVET colleges that have students applying for allowances through NSFAS also receive their funds once the academic session begins. The release of funds may consider factors such as the geographic location of the institution and campus. Students can inquire about the payment period from their campus office. Typically, NSFAS pays allowances for a period of 10 to 11 months, starting from February to November or January to February, depending on the institution and campus.
How to Receive NSFAS Allowances
To receive allowances from NSFAS, students must first submit an application. Once the application is successful, students automatically qualify to receive allowances directly from NSFAS. The specific amount of the allowance is determined by NSFAS and can be obtained by inquiring with the relevant institution or NSFAS itself. The allowances are sent to the student’s NSFAS wallet, which allows for cash withdrawals or spending at registered convenience stores or merchants.
To track payments and simplify the process, NSFAS has implemented a USSD system. After a successful application, students can dial 134176# and enter their credentials, including their ID number, to verify and authenticate their account. This system allows students to access their allowances and make cash withdrawals from ATMs and participating shops like Boxer, Checkers, and Shoprite. While there is a withdrawal limit of R1,000, there are no limitations on making payments or purchases. Students can use their NSFAS wallet to make payments to landlords or the required institution without any amount restrictions.
Potential Increase in NSFAS Allowance for 2023
In March, NSFAS projected a 10% increase in allowances for 2023 payments. This demonstrates NSFAS’s commitment to addressing inflation and meeting the growing needs and expenses of university and college students.
The NSFAS provides various allowances to support South African students pursuing tertiary education. The monthly allowances for 2023 cover study materials, accommodation, living expenses, incidentals, and travel. The specific amounts and durations of these allowances may vary based on the institution and campus. Students can receive their NSFAS funds through a designated wallet and access them using a USSD system. NSFAS has also projected an increase in allowances for 2023 to accommodate rising costs.
