NSFAS Latest Updates May 2023
In todays latest NSFAS News – Since the National Student Financial Aid Scheme investigations began in September 2022, public institutions and colleges have returned about R350 million. The University of Johannesburg has contributed money to the scholarship program.
The purpose of the investigation into claims of corruption and maladministration in the government bursary scheme is to recoup any financial losses sustained by the state as a result of corruption and carelessness.
According to the findings of this inquiry, some students who did not meet NSFAS eligibility requirements were given assistance anyhow.
The SIU claims that large quantities of money were granted to public universities and colleges without proper tracking or reporting, and that these funds were not being returned after a year.
The University of Johannesburg (UJ) recently refunded NSFAS R311 million, which represents unspent budgetary allocations between 2016 and 2021.
Kaizer Kganyago, spokesman for SIU, made the following statement:
The Unit appreciates the university’s contribution to NSFAS.
The university’s contribution raises the total sum received from universities since the NSFAS investigations began in September 2022 to over R349.3 million.
Kganyago has revealed that the UJ had unallocated funds that were meant for students who qualified for support but who had either transferred to a different school or had deregistered. These funds remain in the custody of the UJ for a period of one academic year.
NSFAS has contracted a third-party “close out reporting” firm to assist with this reconciliation. If the SIU finds proof of criminal activity, it will forward it to the National Prosecuting Authority.
There has been a call for higher education institutions to repay money owed to the Scheme.
How do you meet the requirements to receive money from NSFAS?
Students must meet the following requirements in order to qualify for the NSFAS government bursary: must be citizens of South Africa, must have an annual household income of less than R350,000, and must be enrolled full-time at a South African public institution or college
They must also be enrolled in an undergraduate degree program. After enrolling, to maintain financial support for the following academic year, students must get a passing grade in each module or course for which they are eligible.