Update on information: the 31 May 2017 deadline for signing of LAFSOP does not apply anymore. Students will receive an LAFSOP with an expiry date and you are expected to sign and return the form to NSFAS within 30 days of this date.
The National Student Financial Aid Scheme (NSFAS) is calling on the 63 558 students who received funding and have not yet signed their loan agreement forms (LAFs) and schedules of (SOP), to do so at their respective universities and TVET colleges as soon as possible,
or before May 31, 2017. Affected students could possibly face retraction of NSFAS funding if they fail to honour their funding obligation, although they are 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, student levies and other similar costs of pursuing the course of studies for which the student is registered.
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. Now that we have done that, we are appealing to the students to do their part and sign the agreements for their own benefit. No credit agreement can be concluded without the signing of the agreement form and acceptance of the terms and conditions thereof.
“We ensure that our students understand the risks, costs and obligations created by the financial assistance they are receiving. Therefore, signing of the agreement is compulsory and it is common practice for any institutions that provides financial assistance in South Africa”, said Kagisho Mamabolo, Spokesperson.
NSFAS will not process any tuition payments for students who have 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. However, funded students who are eligible for financial assistance will continue to receive funding (automatically) until they complete their studies, provided they achieve the 50%
STEPS IN SIGNING NEEDED AGREEMENT
To sign a LAF/ SOP, a student can simply visit the NSFAS website, click the SIGN YOUR LAF/SOP link, then enter na ID number into the search engine. The details will appear on the screen.
Kagisho Mamabolo, NSFAS Spokesperson
See original NSFAS Media Statement (PDF)
Created: 01 June 2017