R405m

WITS HEADS FOR DEFICIT

Finweek English Edition - - THE WEEK -

Wits Univer­sity is ex­pected to record its first deficit in 11 years in 2017, as out­stand­ing debt and ris­ing op­er­at­ing costs put pres­sure on its fi­nances, Busi­ness Day re­ported. The univer­sity was owed more than R405m at the end of 2016, with stu­dents ow­ing R208m and the Na­tional Stu­dent Fi­nan­cial Aid Scheme ow­ing R67m. Op­er­at­ing costs to­tal about R300m a month. The univer­sity ob­jected to a re­quest by gov­ern­ment to let stu­dents with his­toric debt reg­is­ter and en­ter into a pay­ment plan, say­ing it was in breach of the Credit Act, which states that loans can­not be granted to peo­ple who can’t af­ford to pay it back.

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