NSFAS Expected To Recover Millions From Universities & Colleges


Please share this article

Advertisement


An investigation into NSFAS has yet again found discrepancies in the scheme's past student funding operations. However, this time, universities and TVET Colleges with outstanding payments to the scheme are the main focus of the investigation.


Advertisement i


Cracks in the National Student Financial Aid Scheme’s funding model over the past few years unravelled when an ongoing investigation by the Special Investigating Unit (SIU) found that the bursary scheme funded more than 40 000 undeserving students to the tune of R5 billion.

This, according to the SIU happened between 2018 and 2021 and the students were enrolled in over 70 institutions. 

Some institutions have so far made efforts to repay NSFAS. However, SIU spokesperson, Kaizer Kganyago pointed out that this is a separate matter, as these were funds that were intended for funding students who either deregistered or changed institutions.     
  
Although these funds were meant to be returned within a year through reconciliation, the funds remained in the possession of the institutions throughout the past 5 years between 2016 and 2021 according to Kganyago

At the end of each year, NSFAS was supposed to do a reconciliation and say, we have given you so many millions for this many students let’s see how many of them have registered and subtract the amount of those that have registered and studied, then return the remainder and fund the next group.

For its part, NSFAS has recently appointed a service provider called "close-out reporting” to assist them in performing the reconciliation process.

Kganyago further stated that they expect to recover over R1 billion from 5 implicated institutions and recoup any accumulated interest and return it to NSFAS.

The SIU has also called on all implicated institutions to voluntarily return these unallocated funds to fast-track the investigative process.

The SIU also intends to report any evidence of criminal activity to the National Prosecuting Authority (NPA) for further action in accordance with the Special Investigating Units and Special Tribunals Act 74 of 1996.

More higher education institutions are expected to continue paying back unallocated funds that are owed to NSFAS as the SIU investigation continues.

The SIU plans to provide the President with an interim report on its findings following a year of investigation.

For all the latest NSFAS news and information visit the Careers Portal NSFAS section.

 

Suggested Article:

NSFAS regional office

Cracks in the National Student Financial Aid Scheme's funding model over the past few years are starting to unravel. This comes as an investigation found the scheme to have spent billions of rands funding unqualified students.  






Online Shopping Links

Loot - Takealot - Temu - Amazon - Shein





Advertisement


WhatsApp Channel

Sponsored Ad

Advertisement

Advertisement

Google News

Post-Matric Options

 

We helped you with past papers for your matric exams, so hopefully you are happy with your Matric results. So now you are faced with a lot of post-matric options that can shape your future paths. You might want to study law, teaching, or nursing. Of course studying is expensive so we have helpful advice about student loans, NSFAS bursaries, Fundi loans, ISFAP, and lots of other funding options.

These options range from pursuing higher education at universities , TVET Colleges or  private colleges, finding student accommodation, entering vocational training programs (like Learnerships and internships), joining the workforce, or even starting your own business. There are so many choices but we are here to help.

Advertisement


Latest SASSA articles

The R370 grant is aimed at assisting unemployed adults living in South Africa. Here's the R370 grant eligibility criteria.. 

Knowing when you social grant will be paid is extremely helpful as it allows for planning. Here's a guide on how to find you Sassa grant payment dates. 

Where to Study


Advertisement m


Other Articles

A gap year can be more than a chance to blow off steam and have fun. It can be life-affirming, offering opportunities for personal growth, cultural exposure, and professional development.


Advertisement


Latest SASSA articles

The R370 grant is aimed at assisting unemployed adults living in South Africa. Here's the R370 grant eligibility criteria.. 

Knowing when you social grant will be paid is extremely helpful as it allows for planning. Here's a guide on how to find you Sassa grant payment dates. 


Advertisement


Careers Advice

Teaching is still a solid career choice in South Africa. It’s got plenty of opportunities and offers job stability, especially in such unpredictable times.


Advertisement i