Students risk losing funding

2017-05-24 06:01

The National Student Financial Aid Scheme (NSFAS) calls on all students who have not yet signed their loan agreement forms to do so before the deadline of 31 May.

According to the scheme, about 63 558 students have not signed their loan agreement forms (LAF) and schedules (SOP).

The students are advised to sign documents at their respective universities and TVET colleges.

Kagisho Mamabolo, spokesperson, said affected students could possibly face retraction of NSFAS funding if they failed to honour their obligation, despite being approved for the 2017 funding.

“The NSFAS terms and conditions state that the loan amount recorded in the loan agreement will be paid as a credit to the student account with the university, for the academic, residence and student levies, as well as similar costs of pursuing the course of studies for which the student is registered,” said Mamabolo.

“No loan advance will be made unless the loan agreement has been signed.

“It is our responsibility, as stated in the National Credit Act 34 of 2005, that prior to entering into any credit agreement with a consumer, we must conduct a detailed financial assessment on behalf of the client,” said Mamabolo.

He said funded students who were eligible for financial assistance would continue to receive funding (auto­matically) until they complete their studies, provided they achieve the 50% pass mark.

To sign a LAF/SOP, a student can visit www.nsfas.org.za, click on the sign your LAF/SOP link, and then enter an ID number into the search engine.

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