More than R24bn is owed to the National Student Financial Aid Scheme (Nsfas) by past and current students. Nsfas has been the central funder for needy university students in SA. It was established under the Nsfas Act (Act 56 of 1999), and amended to allocate student financial aid funds to the 25 public universities and 50 technical and vocational education and training (TVET) colleges, and to administer loans and bursaries to students at these public institutions. The act also mandates the entity to recover student loans and to raise funds for student loans and bursaries. This comes as students across the country have been protesting against paying fees, demanding the government find the money for free education. According to the Nsfas annual report for 2015-16, the entity recorded a loan book with a cumulative nominal value of R24.2bn and a fair value of R7.2bn. During this same period, the entity had to impair an amount of R22m that was owed by institutions. The report stated that...
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