JOHANNESBURG - According to the National Student Financial Aid Scheme 2018/2019 annual report, the student aid scheme has R7-billion racked up in irregular expenditure, of which R1-billion is to be recovered.
NSFAS is now trying to get the money back as it needs to refund graduates who have been overcharged on their loans.
About R26-million is owed to the graduates.
NSFAS Administrator Dr Randall Carolissen said the total irregular expenditure for the aid scheme is R7-billion, of which R35-million had been recovered from institutions.
Carolissen said, "we are contacting those students who were overpaid but there we don't have much hope. Once the money is paid out to people who are not working it's difficult to recover."
He stated the system has been stabilised and the necessary financial controls have been put in place to control wasteful and irregular expenditure.