R1.7 Billion back in NSFAS hands thanks to SIU

The National Student Financial Aid Scheme (NSFAS) commended the Special Investigating Unit (SIU) atfer the recovery of more than R1.7 billion.

On Thursday, 29 January, NSFAS Spokesperson, Ishmael Mnisi, emphasised that the recovery do not only strengthens governance processes, but also directly advances its mandate to support students from poor and working class backgrounds: “This achievement represents not only a significant victory for good governance, but also provides a meaningful boost to our core mission of supporting academically deserving students from poor and working-class backgrounds.”

Mnisi added on the statement that the recovered amount reflects the total funds recouped since the inception of the SIU’s investigation into the affairs of NSFAS, marking a critical milestone in efforts to clean up the entity’s finances.

According to Mnisis, their Board of Directors has prioritised transparency and accountability since its appointment: “Upon its appointment, the NSFAS Board of Directors committed to fostering a transparent and wellgoverned organisation, and to rebuilding trust within the higher education sector. This commitment is
reflected in the Board’s ongoing efforts to address and implement recommendations from the Auditor General, Public Protector, and SIU, among others.”

The statement also confirmed that the recovered funds will be redirected to students at public universities and Technical and Vocational Education and Training (TVET) colleges. “The recovery of these funds is also a testament to the importance of accountability across the post school and education sector. We call on all institutions and individuals – universities, TVET colleges, and all former students who owe NSFAS loans or unallocated funds – to honour their commitments and repay what is due. Every repayment, whether from institutions or individual beneficiaries, directly supports the next generation of students from poor families and helps ensure the sustainability of the NSFAS scheme,” said Mnisi.

NSFAS further emphasised the role of accountability across the post-school education sector, calling on institutions and individuals to meet their obligations. “We call on all institutions and individuals – universities, TVET colleges, and all former students who owe NSFAS loans or unallocated funds – to honour their commitments and repay what is due,” Mnisis added.

As the statement concludes, Mnisis said: “Together, we affirm the values of integrity, transparency, and service to our nation’s youth.”