JOHANNESBURG - The reinstated National Student Financial Aid Scheme board has acknowledged the Public Protector's report.
But the executives have distanced themselves from some of the findings, including that of 40,000 students being improperly funded.
The current oversight body says it was appointed after the SIU Investigation that revealed this information.
The board says it will work to ensure those responsible for the irregularities are held to account, while weaknesses in the system are fixed.
READ | 40,000 students improperly received NSFAS funding - report
It has also pledged to meet the Public Protector to present a turnaround strategy.
An investigation by the Public Protector found that more than 40,000 students were improperly funded at a cost of approximately R5.1 billion.
According to the investigation, the students were spread across 76 higher education institutions.
More than R2 billion of the money has since been recovered, the report said.
Read more: Public Protector calls for better NSFAS funding model