R12.4bn paid to students

NEARLY half a million students were assisted through the National Student Financial Aid Scheme (NSFAS) to the tune of R12.4-billion for the 2017 financial year alone, with the lion’s share going to university students.

NSFAS loans to the value of R10.3billion in the 2016-17 financial year were provided to 225 950 university students, while R2.1-billion went to 225 557 technical vocational education and training (TVET) college students.

This was revealed yesterday when NSFAS presented its annual report to the parliamentary portfolio committee on higher education and training.

The number of students who received bursaries and subsidies from NSFAS increased by 9%, from 414 949 to 451 507, while the amount issued by NSFAS to students needing assistance showed a 34% increase over the previous year.

Results presented in the report showed that the Department of Higher Education and Training contributed R11-billion, the Department of Basic Education R1-billion and the National Skills Fund R400 000.

Recovered funds from NSFAS students increased by 64% to R900-million for the 2016 academic year, up from R500-million in the previous year.

NSFAS chief executive Steven Zwane said the national student funding scheme has made significant progress in improving services to students.

“We are also mindful of our responsibility to build trust between the organisation and its stakeholders,” he said.