SIU claws back R311m in unallocated NSFAS funds from University of Joburg

The University of Johannesburg has repaid more than R300m in unallocated funds to the National Student Financial Aid Scheme. Stock photo.The University of Johannesburg has repaid R311m in unallocated funds to the National Student Financial Aid Scheme , the Special Investigating Unit said on Tuesday.

The payment was for money paid to the institution between 2016 and 2021 for students who qualified for funding but either changed institutions or deregistered, the SIU said. Spokesperson Kaizer Kganyago said the funds, meant to stay in the tertiary institution's possession for a year, were supposed to be collected by NSFAS at the end of each year through reconciliation.

“However, the SIU’s investigation revealed NSFAS failed to design and implement controls that would ensure there is an annual reconciliation between the funds disbursed to the institutions and the funded list of registered students,” he said. “To remedy this, the scheme has recently appointed a service provider to assist them perform this reconciliation in a process called 'close-out reporting'.

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