R56 billion state-run scheme running out of money

• NSFAS faces a R15 billion shortfall
• The scheme received an annual budget of R56 billion from the South African government, but has faced growing budgetary shortfalls over the years
• A plan to fix NSFAS includes the potential introduction of an income-based loan system, with discussions ongoing to reassess the scheme's funding model and make education free at the point of entry for everyone