They say the concessions on free education made after the fees must fall movement seemed not to have alleviated pressure on either students or academic staff.
This is in contradiction to a decision taken by the union to suspend all protests, following a meeting with Higher Education Minister Blade Nzimande earlier this week.
Student leaders say they will begin the process of allocating the funds to qualifying students from Tuesday.
The students said that 27 years after democracy, the fight for free decolonised education continued and innocent people were being killed during peaceful protests.
The Wits SRC said that it had managed to raise the money within the last two months.
Wits University SRC’s Mpendulo Mfeka reiterated that they were not backing down until their demands were met.
They were arrested last week during protests in Braamfontein.
It said the number included students who applied through the Wits Hardship Fund and about 300 put forward by the SRC.
Ntumba was shot and killed in Braamfontein last week when police fired rubber bullets at protesting Wits University students.
Ntumba was shot and killed in Braamfontein last week when police fired rubber bullets at protesting students.
Students at campuses across the country have embarked on a national shutdown over free higher education.
Students say the young woman was shot in the leg by police but the South African Police Service (SAPS) said all that was used on Monday was a smoke grenade and water cannon.
Earlier, some students turned on members of the media as large groups of University of Johannesburg students marched to join their Wits counterparts.
Wits SRC member Kanakana Mudzanani said that they hoped that the justice system would not fail Ntumba's family.
The South African Union of Students (SAUS) announced a nationwide shutdown on Sunday.
The Independent Police Investigative Directorate (Ipid) said that the four were police officers from the public order policing unit.
The situation remains tense, with police chasing protesting students through the streets of Braamfontein.
Several institutions across the country will remain closed on Monday as students take their demands to the streets.
