The second year of the ISFAP pilot is currently underway with some 1 472 students (652 returning to their 2nd year and 820 new 1st year students) enrolled across 12 Universities in faculties covering occupations in high demand.
The programme aims to provide young South Africans with a higher education that will enable them to pursue careers that have been identified as critical to South Africa’s economic development.
The ISFAP pilot kicked off at the beginning of last year with funding and wrap-around psychological, social and educational support to some 690 students. The wrap-around support system is a key component of ISFAP and aims to improve the success rate of students thereby reducing drop-out rates. This approach proved very successful last year in that it achieved an unprecedented retention rate of 94% for students enrolled in some of the toughest degree programmes like medical, engineering, accounting and actuarial.
ISFAP is covering students with household income up to R600 000 per annum. The programme will not replace the National Student Financial Aid Scheme (NSFAS), which has a different mandate.
The purpose of the ISFAP pilot is to stress test systems and models underpinning the programme. The end goal is the launch of a Public Private Partnership in 2020. The feasibility study for the Public Private Partnership is in the final stages of completion and will move into the procurement phase by mid-year. Work is also currently being done on structuring a social impact bond to finance wrap-around support.
ASISA is represented on the ISFAP steering committee and financial support is being provided by ASISA members. ASISA also supports the financial modelling for the project.
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