NSFAS has increased students allowance by 5% and accommodation by 7% for both university and TVET students.
University students receives the following allowances;
> R5460 learning materials allowance.
> Accommodation allowance capped at R61500.
> Living allowance of R16500
TVET students receives the following allowances;
> R54045 accommodation allowance.
> R6000 living allowance.
> R3045 personal care allowance.
> R7718 travel allowance for students staying over 10km from the college.
NSFAS plans to pay allowances straight into students’ bank accounts through the NSFAS bank account and students will be able to make online transactions such as EFT, prepaid purchases, receive and transfer money to other existing banks. Like other normal banks, students will be able to make normal transactions such as ATM cash withdrawals and retail stores withdrawals using the NSFAS bank card.
To date NSFAS has received over 747 091 applications for the year 2023, of this number, approximately 613 909 applications have been provisionally funded. 338 320 of the provisionally approved is continueing stiudents while 275 589 being new applicants. Minister Blade Nzimande said the government has set aside R47 Billiion to fund an estimation of 900 000 NSFAS beneficiaries for the year 2023.