The Ikusasa Student Financial Aid Programme has not been put together solely by one institution or organisation, but is made possible by the collaboration and co-operation of many entities.
Through the public-private partnership (PPP), the ISFAP pilot is also an indication of the positive work that can be done when government and the private sector come together. This PPP will see South Africa being able to work to solve an issue of national importance - the provision of fees for poor and missing middle students.
The Department of Trade and Industry (dti) published revisions to the B-BBEE Codes of Good Practice. These revisions include key changes to Code 300, which specifically deals with Skills Development expenditure. By funding black students at all Higher Education Institutions, our funders get four weighting points to their BEE score cards for a spend of 2,5% of their leviable amount.
With unemployment rate at 27.6% in South Africa; this is two times higher than our closest BRICS counterpart. Our youth face an even greater crisis, with one in three unemployed and inadequately equipped to enter the marketplace. This equates to over half a million youth who require funding to pursue tertiary education in order to gain the skills necessary to obtain employment.
ISFAP - the Ikusasa Student Financial Aid Programme - was established to assist poor and 'missing' middle income university students in selected fields of study to afford the university fees by means of providing financial aid provided the candidate meets certain prescribed requirements.