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National Student Financial Aid Scheme Act, 1999 (Act No. 56 of 1999)

Chapter 3 : Administration of Loans and Bursaries

20. Designated higher education institution

 

1) The board may enter into an agreement with a higher education institution which agrees to become a designated higher education institution for purposes of administering loans and bursaries to students of that institution on behalf of the NSFAS.

 

2) The agreement referred to in subsection (1) must authorise the institution on behalf of the NSFAS–
a) to administer loans and bursaries granted to students of the institution;
b) to receive loan and bursary applications from students;
c) to consider and assess the applications in the light of the criteria for the granting of loans and bursaries determined by the NSFAS;
d) to grant loans and bursaries if the criteria are met, after ascertaining that funds are available; and
e) to enter into a written agreement with a borrower or bursar in accordance with the provisions of this Act and on the terms and conditions determined by the NSFAS.

 

3) A designated higher education institution must–
a) at such intervals as are agreed on by the institution and the board, report to the board on the progress made by a borrower or bursar with regard to the course of study followed by him or her; and
b) immediately notify the board if a borrower or bursar discontinues his or her studies.