Question to the Minister of Higher Education - NW2663

15 September 2017 - NW2663

Bozzoli, Prof B to ask the Minister of Higher Education and Training

(a) What was the total level of National Student Financial Aid Scheme (NSFAS) debt at the end of each of the past 10 financial years and (b) with reference to his reply to question 1624 on 27 June 2017, how was the writing off of the amount authorised?

Source
Link

Reply:

(a) 2007/08 – R 4 849 491 000.00 (CV)

2008/09 – R 5 673 565 000.00 (CV)

2009/10 – R 10 531 363 000.00 (NV)

2010/11 – R 12 300 874 000.00 (NV)

2011/12 – R 13 478 563 000.00 (NV)

2012/13 – R 15 800 011 000.00 (NV)

2013/14 – R 18 592 565 000.00 (NV)

2014/15 – R 21 255 073 000.00 (NV)

2015/16 – R 24 168 458 000.00 (NV)

2016/17 – R 29 810 775 000.00 (NV)

NV / Nominal Value: Total gross value of debtors before impairment

CV / Carrying Value: Net value of debtors after accounting adjustments for impairment

(b) The entity writes-off a student loan and any related allowances for impairment losses, when the entity determines that the loan is uncollectable. This determination is made after notification of the death or permanent disability of the borrower. A list of identity numbers is verified against the Department of Home Affairs database on an annual basis for verification of borrowers that are deceased. For disability, medical certification is required. The individual loans are then written off on approval by the Board.

COMPILER/CONTACT PERSONS:

EXT:

DIRECTOR – GENERAL

STATUS:

DATE:

QUESTION 2663 APPROVED/NOT APPROVED/AMENDED

Dr BE NZIMANDE, MP

MINISTER OF HIGHER EDUCATION AND TRAINING