NSFAS Aims for To Pay Outstanding 2023 Funds
The National Student Financial Aid Scheme (NSFAS) is resolute in finalizing all outstanding 2023 funds by January 15, 2024, in collaboration with affected institutions says the South African Government News Agency.
NSFAS are on a mission to pay all outstanding allowances in 2024.
The NSFAS Board held a meeting on Sunday, December 31, 2023, to review reports from it’s management, covering various issues such as the conclusive funds of 2023 allowances, NSFAS budget adjustments, and the accommodation pilot project.
The organisation emphasized that the commitment to resolving outstanding funds aims to prevent any impact on returning students for the 2024 academic year.
According to NSFAS, the Board will engage further with stakeholders in early January 2024 to brief them on preparations for the 2024 academic year and NSFAS eligibility criteria.
As of December 5, 2023, aid scheme has disbursed already approximately 234,124 student allowances as part of the reconciled final funds for the 2023 academic year.
This process ensures direct payment to institutions for tuition and advances payments to students.
20,000 allowances are yet to be concluded, requiring additional input and consultation with institutions.
During the meeting, the board also decided on the 2024 program of action and the establishment of a Rapid Response Team for the upcoming academic year.
Applications for financial aid for learners entering the post-school system and those without financial assistance to continue studies in the 2024 academic year opened on November 21, 2023.
What else are NSFAS planning
NSFAS announced that applications for 2024 funding will close on January 31, 2024.
The board plans to make public announcements regarding the implementation of the Werksmans Attorneys report on direct payment service providers.
Despite challenges, the board reaffirmed its commitment to implementing the direct payment solution as a necessary measure to enhance efficiency and reduce irregularities in allowances.
“The board views the direct payment solution as a necessary measure to reduce instances of unauthorized access to beneficiaries’ allowances, payment of ghost students, inconsistencies, and delayed payments of allowances.
Ernest Khosa
The direct payment solution is inline with the Student-Centered Model that NSFAS adopted,” stated board chairperson Ernest Khosa during a briefing in October.
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