With a new academic year underway, numerous students who depend on financial assistance from the National Student Financial Aid Scheme (NSFAS) are curious about the timeline for funding disbursement. This article aims to provide insight into when NSFAS will be paying out in 2024, the amount of funding students can anticipate, the duration for payment processing, and any prospects for funding increment.
When is NSFAS Paying Out in 2024
NSFAS distributes bursaries to successful applicants every month. As per the provided details, the payouts are usually made on the third Monday of each month in the 2024 cycle. However, there may be occasional irregularities throughout the year. The bursaries cover tuition, registration fees, and yearly allowances for housing, transportation, living expenses, books, and incidental/personal care expenses.
How Much Will NSFAS Pay Out in 2024?
According to the Minister of Higher Education, Dr. Blade Nzimande, the National Financial Aid Scheme (NSFAS) will provide a monthly living allowance of R1650 to eligible students in 2024. The scheme anticipates a 7% increase in students qualifying for bursaries compared to the previous year. Over 60% of undergraduate students in public universities and more than 90% of students in Technical and Vocational Education and Training (TVET) colleges receive NSFAS support.
The 10% increment in the living allowance from 2022 is higher than the inflation rate and the first increase in three years. University-managed and catered students will receive an R5,460 allowance for learning materials and an accommodation allowance capped at R61,500. University-managed self-catering students will receive a learning materials allowance of R5,460, a living allowance of R16,500 per annum, and an accommodation allowance capped at R45,000. TVET students’ allowances will vary depending on their place of residence. NSFAS confirmed that it would pay out R1650 per month to eligible students in 2024.
How Much is the NSFAS Allowance for 2024 per Month?
NSFAS, the National Student Financial Aid Scheme, offers a monthly stipend to eligible undergraduate students in South Africa, which covers various expenses such as study materials, accommodation, travel, incidental fees, and living costs. The living allowance is R 1,500 monthly, while the incidental NSFAS allowance is R 290. The travel allowance is calculated based on the distance between your home and campus, typically R 750 per year.
The accommodation allowance amount varies depending on the campus and institution you attend. For instance, students studying at the Stellenbosch campus can receive R 5,970 monthly for ten months. The payment cycle for NSFAS allowances is between February to November or January to February, depending on the campus and institution.
To receive the NSFAS allowances, you need to apply for funding, and NSFAS determines the amount you’ll receive. You’ll receive the funds in your NSFAS wallet, which allows you to withdraw cash or spend at registered merchants. NSFAS provides a USSD system to track your payment status.
How Long Does it Take for NSFAS to Pay Out?
After applying for funding through the National Student Financial Aid Scheme (NSFAS), the payment waiting period can vary. Some students receive their funds within a few weeks of applying, while others wait up to six months. This delay is caused by NSFAS having to wait for government departments to release funding. It is important to note that even if some students’ application status indicates awaiting financing, it does not mean that they will not be funded. Government departments may release funding later in the year, allowing the NSFAS to allocate the funds.
Additionally, it is essential to remember that as NSFAS receives, allocates, and approves applications, the fund runs out of money. However, some students may change their courses, study at different universities or colleges, or drop out, making funding available again. Once NSFAS approves an application, they will pay the university or college directly based on individual costs, the number of registrations, and student demographics.
In conclusion, the payment period for NSFAS funding depends on several factors, including the timing of government funding releases and the availability of funds. Students should remain patient, regularly check their application status, and explore other funding options if necessary.
Will the NSFAS Allowance Increase for 2024?
As per a recent report, the NSFAS has announced a 10% increase in students’ living allowances for the 2024 academic year. This increase will be applied retrospectively to the beginning of the academic year. They made this decision following consultations between the Minister of Higher Education, Science and Innovation, Blade Nzimande, and the South African Union of Students (SAUS). It is noteworthy as no increases in student allowances have been made over the past three years.
The decision to increase living and accommodation allowances aims to acknowledge the impact of inflation on students’ lives and ease their financial struggles. The accommodation allowance had been a subject of student protests due to the unaffordable cost of campus residences. The NSFAS had earlier offered an R45,000 yearly accommodation allowance, translating to R4,500 per month for ten months of the academic year. The NSFAS is expected to announce the final dates when it’ll implement the increase.
Which Date Will NSFAS Pay This month?
As per the details on the NSFAS website, allowances are distributed monthly in the 2024 cycle, with payments generally made during the first week of each month for ten months. It’s important to note that the payment schedule isn’t the same for all students, so your friend can receive their allowance before you.
For the 2024 cycle, the payment dates are staggered into ten levels. All campuses will receive payment on Mondays, with the first cycle commencing on February 28th, 2024, and the last stage concluding on November 7th, 2024.
