In this Act, unless the context indicates otherwise–

"board"

means the NSFAS board referred to in section 3(2);

"borrower"

means a student to whom a loan has been granted in terms of this Act;

"bursar"

means a student to whom a bursary has been granted in terms of this Act;

"bursary"

means that part of the loan granted to a person by the NSFAS which the person is not required to pay back on compliance with the criteria and conditions set in the written agreement;

"CHE"

means the Council on Higher Education established by section 4 of the Higher Education Act, 1997 (Act No. 101 of 1997);

"Department"

means the Department of Higher Education and Training;

[Definition amended by section 7(a) of Act No. 26 of 2010]

"designated higher education institution"

means a higher education institution with which the NSFAS has entered into an agreement in terms of section 20;

"Director-General"

means the Director-General of the Department;

"employer"

means any person or body who employs a borrower;

"financial year

means the period beginning on the first day of March of a year and ending on the last day of February of the next year;

"higher education"

means all teaming programmes leading to qualifications higher than grade 12 or its equivalent in terms of the National Qualifications Framework as contemplated in the South African Qualifications Authority Act, 1995 (Act No. 58 of 1995), and includes tertiary education as contemplated in Schedule 4 to the Constitution;

"higher education institution"

means any higher education institution that is established, deemed to be established or declared as a public higher education institution under the Higher Education Act, 1997 (Act No. 101 of 1997);

"loan"

means a loan granted to a person by the NSFAS in order to enable the person to defray the costs connected with his or her education at a designated higher education institution, and those connected with the board and lodging of that person for purposes of attending the institution;

"Minister"

means the Minister of Higher Education and Training;

[Definition amended by section 7(b) of Act No. 26 of 2010]

"NSFAS"

means the National Student Financial Aid Scheme established by section 3;

"student"

means any person registered as a student at a higher education institution;

"this Act"

includes the regulations contemplated in section 27.