10 Things You Need to Know about National Student Financial Aid Scheme
National Student Financial Aid Scheme is a public entity and is governed as such by the National Student Financial Aid Scheme Act and the Public Finance Management Act (PFMA) and regulated by the PFMA and Treasury Regulations. Chapter Six of the PFMA and Part 9 of the Treasury Regulations include: requirements regarding the responsibilities of accounting authorities of public entities, budgets, annual reports, internal controls, strategic planning, cash management, investment policy and audit committees.
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Our aim:
To transform National Student Financial Aid Scheme into an efficient and effective provider of financial aid to students from poor and working class families in a sustainable manner that promotes access to, and success in, higher and further education and training, in pursuit of South Africa’s national and human resource development goals.
Mission of National Student Financial Aid Scheme
The mission statement is made up of three distinct elements which describe: why National Student Financial Aid Scheme exists, what we do, and the impact on our constituency.
- National Student Financial Aid Scheme was established by the South African Government in 1996.
- It was set up to ensure that students, who have potential but cannot afford to fund their own studies, will have access to funding for tertiary education.
- It is funded by the government, international donors and the private sector.
- TEFSA, which was established in 1991, managed and administered the scheme until 2000 when TEFSA became National Student Financial Aid Scheme.
- All of the financial assistance received by a successful applicant takes the form of a loan.
- Up to 40% of loans can be converted into bursaries, depending on student’s pass rates.
- Loan repayments are recycled to help future generations of students.
- The National Student Financial Aid Scheme Act of 1999 allows National Student Financial Aid Scheme to have employers deduct loan repayments from monthly salaries of those who have received assistance from the Scheme.
- Loan repayments are based on individual’s earnings.
- The interest charged on loans is subsidized and therefore considerably less than the commercial rate which is charged by banks.
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