The National Financial Aid Scheme (NSFAS) has called on 63,558 NSFAS-funded students to sign their Loan Agreement Form (LAF) or Schedule of Particulars (SOP) by the end of May. If student fail to do so, they may risk losing their funding despite being approved for NSFAS funding this year.
Yesterday, NSFAS spokesperson Kagisho Mamabolo released a statement in which he explained that NSFAS would not process payment for students who had not signed their agreements.
“All funded students are obliged to acknowledge that they understand the terms and conditions and the amount of funding stipulate in the LAF/SOP,” Mamabolo said.
Mamabolo referred to the National the Credit Act 34 of 2005, which stipulates that a financial assessment of the client is needed before a credit agreement can be completed. Mamabolo said the NSFAS had done assessments for all students approved for funding this year, but that students still had to do their part by signing their agreements before payments could be processed.
“No credit agreement can be concluded without the signing of the agreement form and acceptance of the terms and conditions thereof,” he said.
Students who still need to sign their LAF/SOF agreements can do so on the NSFAS website at nsfas.org.za.
Written by Jody Davison