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The NSFAS has committed to settle 20k disbursements

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The NSFAS has committed to settle 20k disbursements

The NSFAS has committed to settle 20k disbursements .The National Student Financial Aid Scheme (NSFAS) has set a target to finalize all outstanding disbursements for the year 2023 by January 15, 2024. The scheme is working in collaboration with the affected institutions to achieve this goal. Check Also :ZA Student Portal

Termination of Fintech Partnerships

In October, the NSFAS board took a decisive step by severing ties with the fintech partners responsible for disbursing monthly allowances to tertiary students. This decision followed an investigation that revealed a “conflict of interest” in their appointment.

Investigation and Legal Challenges

To address allegations against former CEO Andile Nongogo and the appointment of the four fintech partners (Coinvest, eZaga Holdings, Noracco Corporation, and Tenet Technology), the NSFAS board engaged Werksmans Attorneys and advocate Tembeka Ngcukaitobi. The fintech firms, awarded a contract worth R47 billion, have contested the allegations and are considering legal action.

Extraordinary Board Meeting

On December 31, 2023, the NSFAS board conducted an extraordinary meeting, discussing various issues, including the final disbursement of 2023 allowances, budget adjustments, and the NSFAS accommodation pilot project.

Commitment to Direct Payment Solution

Despite challenges, the board remains committed to implementing the direct payment solution. This approach aims to address issues such as unauthorized access, payment to ghost students, inconsistencies, and delayed allowance payments.

“The board views the direct payment solution as a necessary measure to reduce instances of unauthorized access to beneficiaries’ allowances,” emphasized board chairperson Ernest Khosa in an October briefing.

Stakeholder Engagements

In January 2024, the NSFAS board plans to engage with key stakeholders, including Universities South Africa, the South African Public Colleges Organisation, the South African Union of Students, and labor unions. These engagements will provide updates on preparations for the 2024 academic year and the NSFAS eligibility criteria and conditions for financial aid.

Disbursement Status

As of December 5, 2023, NSFAS has disbursed allowances to approximately 234,124 students as part of the reconciled final disbursements for the 2023 academic year. The reconciliation process, which includes three categories, reveals that 20,000 allowances are yet to be concluded. These unresolved cases require further input and consultation with institutions to ensure a smooth transition into the 2024 academic year.

Conclusion

NSFAS is actively addressing challenges in disbursing student allowances, aiming to resolve outstanding cases by January 15, 2024. The commitment demonstrates their dedication to facilitating smooth academic transitions.

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NSFAS News

NSFAS Reapplication If You Dropped Out?

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NSFAS Reapplication If You Dropped Out?

NSFAS Reapplication If You Dropped Out?. The National Student Financial Aid Scheme (NSFAS) provides vital support to students from disadvantaged backgrounds, offering bursaries and loans for education expenses. But what happens if you drop out? Do you need to reapply for NSFAS funding? Let’s find out.

Check Also: ZA Student Portal

NSFAS Funding

NSFAS assists eligible students with tuition, registration fees, and various allowances, enabling them to focus on their studies without financial worries.

Dropping Out and NSFAS

Life circumstances can lead to a student dropping out of their course. Despite this, you can still qualify for NSFAS funding. However, you must take steps to restart your funding.

Reapplying For NSFAS

If you deregister or drop out, you must reapply for NSFAS if you plan to resume your studies in the future. This ensures you remain eligible for funding.

How to Reapply for NSFAS

Create or Log into Your myNSFAS Account

  • If you have an existing account, log in.
  • If not, create a new account on the myNSFAS portal.

Complete the Application

  • Click on ‘Apply’ and answer the questions on the screen.
  • If required, upload any supporting documents.

Submit Your Application

  • After completing the application, click ‘Submit.’
  • You will receive an application reference number.

Maintaining NSFAS Eligibility

Remember, NSFAS will only fund you if you meet the academic eligibility criteria.

Conclusion

If you dropped out of college or university but wish to return to your studies, you can reapply for NSFAS funding. By following the reapplication process, you can resume your education with the necessary financial support.

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