12 September 2017

Namibia: Lack of Funds Delays Payments - NSFAF

Photo: The Namibian
Students descend on NSFAF.

THE NAMIBIA Students Financial Assistance Fund says it is experiencing problems in the payment of student loans because of a shortage of funds.

The fund said although students' invoices had been processed, payments to the beneficiaries were pending "due to the unavailability of funds".

According to a statement signed by CEO Hilya Nghiwete which the NSFAF issued yesterday, the institution had received 26 040 applications this year, of which 13 619 applications had been approved and awarded loans.

"Due to [the] low rate of repayment of existing loans, 99% of NSFAF funding comes from budgetary allocations from treasury," reads the statement.

It added that the NSFAF still has to confirm if 2 097 students who met the requirements of the fund were registered with institutions of higher learning, and "has engaged institutions to provide a new list of registrations for the award process to be finalised".

The fund services about 31 000 students, of whom 14 349, comprising new and continuing students, have been paid, while 16 836 (52%) invoices are still outstanding.

The NSFAF, however, assured students that the higher education ministry and other stakeholders were working tirelessly for the release of the funds as soon as possible, and hoped to honour the payments of loans as soon as the funds are "disbursed from treasury".

"The NSFAF has made the necessary arrangements with institutions of higher learning in this regard to ensure that students are not adversely affected in terms of class attendance and sitting for examinations," reads the statement.

More on This

Students Risk Missing Exams Due to Loan Delays

SOME students may not sit for examinations later this month because the Namibia Students Financial Assistance Fund… Read more »

See What Everyone is Watching

Copyright © 2017 The Namibian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.