NSFAS provides its students with monthly allowances which in some cases are provided to students through their learning institution. Here is when Unisa will provide its students with their NSFAS allowances.
The University of South Africa (Unisa) processes the National Student Financial Aid Scheme (NSFAS) allowances twice a month. Allowances will be processed in the first and third weeks of each month.
Unisa will be making use of a new electronic funds transfer (EFT) process to deposit the NSFAS allowances and refunds into student accounts. Only those who qualify for these payments will receive them.
Here are the steps for the new EFT process:
Step 1: Notification
Those who qualify for NSFAS allowances and/or refunds will receive an email to their myLifeemail account. The email will contain the relevant information along with a secure link to a site where they will enter their banking details.
Step 2: Bank details
Once students have carefully read the email, they will need to click on the link and enter their bank details. Students are reminded they may only enter their own active bank account details.
Unfortunately, payments to third-party bank accounts will not be processed. The system will verify the student’s bank account details against their ID number.
Step 3: Bank account verification
The verification status of the bank account details will be displayed on the site. Students may have to wait a while and revisit the site to receive their verification status as it may not appear immediately.
Step 4: Resubmit if rejected
In the event that the bank account verification status states failed or rejected, students will be required to re-enter their bank details. When entering their bank details, they will need to ensure that it is entered correctly.
Any queries about the EFT process may be emailed to the Unisa Directorate of Student Funding at [email protected]. Students are reminded that refunds may take up to 15 working days to reflect in their bank account.
