Question NW2837 to the Minister of Higher Education, Science and Innovation
04 October 2023 - NW2837
Cuthbert, Mr MJ to ask the Minister of Higher Education, Science and Innovation
What amount of (a) historical student debt is currently stated in the financial accounts of the National Student Financial Aid Scheme (NSFAS), excluding that which has been proscribed or written off, (b) the specified debt has been settled with NSFAS and (c) the debt has been written off?
Reply:
a) The historical student loan book value:
As at year ended 31 March 2022, the nominal value of the student loan book was R41.0bn (2021: R40.3bn). The net/carrying value of the student loan book, after considering the adjustments in respect of the actuarial valuation, is R5.1bn (2021: R6.4bn).
b) Debt that has been settled:
During the year ended 31 March 2022 the entity recovered R303m (2021: R388m). The recoveries including debtors that has partially and fully settled their NSFAS debts.
c) Debt written off:
Write offs during the year ended 31 March 2022 because of debtors being deceased amounted to R120m (2021: R114m). This is included in the total aggregated valuation adjustments processed.