The National Student Financial Aid Scheme (NSFAS) is in debt to universities and colleges for unpaid funding allocations dating from 2017 to 2023.
NSFAS offers bursaries and student loans to eligible students at public universities and TVET colleges. The aid covers tuition, registration, and includes allowances for food, accommodation, and learning materials.
R11.6 Billion Owed
According to a Parliamentary reply compiled by NSFAS CEO Wassim Carrim, R10.232 billion is owed to universities, and over R1.3 billion to TVET colleges.
These figures are provisional and depend on the completion of reconciliation processes between NSFAS and the institutions. These processes require signed agreements verifying student-related assets and liabilities.
The Auditor General of South Africa is also expected to conduct further investigations. The total amount owed for the 2024 academic year is still being compiled.
Signed-Off Agreements
NSFAS is finalising agreements with several institutions. Once these are signed, the outstanding accounts will be settled.
Boland College has received nearly R9 million from NSFAS for the 2017–2021 academic period.
NSFAS still owes millions to Nelson Mandela University, Durban University of Technology, Walter Sisulu University, and Thekwini TVET College. These debts, estimated to exceed R150 million, are under review with the Special Investigation Unit.
Meanwhile, the University of Johannesburg, University of Zululand, Tshwane University of Technology, University of the Free State, and Vaal University of Technology reportedly owe NSFAS over R713 million.
