The National Student Financial Aid Scheme (NSFAS) has invited all individuals or organisations interested in submitting an off-take agreement application for the purpose of providing student accommodation for NSFAS beneficiaries. This includes colleges and universities, lodging companies, developers, and investors.
Participants in the process have been urged to keep in mind that this approach does not apply to companies that already house Nsfas beneficiaries. It is for unfinished or still-to-be-finished lodging facilities.
An offtake agreement is an arrangement between a producer and a buyer to purchase or sell portions of the producer's upcoming goods or services. It is normally negotiated before the construction of a factory or facility to secure a market and revenue stream for its future output.
The bursary programme has additionally specified that the following conditions must be met before off-take agreements are granted:
- National Treasury approval
- Sound business cases
- Meeting the minimum requirements and points
- Demand for accommodation in the proposed area.
NSFAS has further stated that they reserve the right to offer off-take agreements for fewer spaces and/or beds than those requested. The bursary scheme advises applicants to apply online at www.nsfas.org.za and to make sure they upload all necessary supporting documents after completing the online application form.
All requests will be assessed by NSFAS using a point system and a set of mandatory pre-defined criteria, and the results will be shared with the recipients of the funds.
The chosen parties will then be contacted by NSFAS to draft, negotiate, finalise, and sign the pertinent take-off agreement. The deadline for applications is 10 November 2022.
All candidates are required to submit all necessary supporting materials, including business cases as needed. The start of the separate process to accredit current accommodations will be made known in due time.
