Educational

Many private higher and further education institutions in South Africa collect fees upfront from students for an academic year or the duration of a course or qualification. As a result, the Department of Education (DOE) requires these institutions to provide a Financial Surety/Guarantee to protect the funds paid by students. In the unlikely event that the institution is unable to deliver the services for which the student has paid, the student can approach the DOE, which may call on the guarantee. Funds paid out under the guarantee can then be used by the student to complete the course or qualification at an alternative institution.