Fundi is a financial service provider that works in collaboration with NSFAS to distribute allowances to eligible students. Once your NSFAS allowances are approved, they are processed through the Fundi system, ensuring timely and secure payments. Fundi NSFAS allows students to access their funds for living expenses, books, accommodation, and other essentials via cash payments made directly to students.
Who Qualifies for NSFAS Funding?
To benefit from the Fundi NSFAS system, students must first qualify for NSFAS funding. Eligibility requirements differ slightly between NSFAS bursaries and loans:
- For a Bursary:
- Must be a South African citizen or permanent resident.
- Combined household income should not exceed R350,000 per annum before deductions.
- For a Loan:
- Must be a South African citizen or permanent resident.
- Combined household income should be between R350,000 and R600,000 per annum before deductions.
NSFAS aims to assist students from low- and middle-income households, making higher education more accessible for those who need financial support.
How Does the Fundi NSFAS Payment Process Work?
When a student’s NSFAS application is approved and their allowance is credited to their account, the following steps take place:
- Receive an SMS Notification
- Students receive an SMS from Fundi instructing them to upload their banking details.
- Confirm Banking Details
- The uploaded banking information is verified by Fundi. This step is crucial to avoid any delays or incorrect payments.
- Receive Payment
- After confirming the details, the allowance is transferred to the student’s account for use as needed.
Note: It’s important to respond promptly to the SMS request for banking details to ensure there are no disruptions in receiving funds.
How to Check Your NSFAS Balance on Fundi
Keeping track of your NSFAS balance can help you manage your expenses throughout the academic year. Here’s how to check your NSFAS balance on the Fundi system:
- Register on the Fundi Website
- Visit the Fundi website and create an account if you haven’t already.
- Dial 13487646# on Your Phone
- On your mobile device, dial 13487646# and select Option 2.
- Your Fundi account details and balance will be sent to you via SMS.
This quick balance check feature ensures you have instant access to your NSFAS funds, helping you manage your budget effectively.
Frequently Asked Questions About Fundi NSFAS
1. What can NSFAS funds be used for?
NSFAS funds, once disbursed through Fundi, cover essential student expenses, including accommodation, study materials, living allowances, and more.
2. How long does it take for Fundi to process payments?
After confirming banking details, payments are typically processed swiftly. However, delays can happen, so it’s crucial to check with Fundi customer support if there’s an issue.
3. Can international students use Fundi NSFAS?
Currently, NSFAS is only available to South African citizens and permanent residents, making it unavailable to international students.
4. What should I do if I don’t receive the SMS to upload my banking details?
Contact the Fundi customer support center or your institution’s financial aid office to ensure your details are updated and your NSFAS status is accurate.