ENN1504 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024

ENN1504 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us ........... QUESTION 1: MINUTES OF A MEETING BACKGROUND Most of the students at Gauteng College applied to the National Student Financial Aid Department for funding to pay tuition fees. However, not all the students received funding. As a result, they mostly owed the institution tuition fees. The college has already submitted some of the debts to the debtors’ office for further investigation. Most of the ENN1504/02/2024 2 students could be deregistered, blacklisted, or not receive their results at the end of the year if their fees are not paid in full. The Financial Manager of the college, Mr Selby, called a meeting with the College Board members, the students’ parents, and members of the Student Representative Council (SRC) to discuss different ways in which parents could be assisted to resolve their financial problems and pay tuition fees owed to the college. INSTRUCTIONS Below is a transcript (exact words written down) of what was said under the relevant agenda item that discussed non-payment of tuition fees, among other matters at a recent meeting held. As the minuting secretary of the Finance Department at Gauteng College, it is your duty to take minutes during meetings. Most of the students at Gauteng College did not qualify to be funded by the National Student Financial Aid Department and they therefore owed the institution tuition fees. The institution tried to come up with different ways of assisting students and parents to resolve their financial problems and pay tuition fees. The matter was discussed under agenda item 4.1. Students’ tuition fees debts. Write the minutes for agenda item 4.1 only. This means that the complete format for minutes is not required. Remember that in taking minutes, we carefully select and summarise information, and make changes to style and grammar. Note that you should not record what each person said in turn. You should use the linear format of minutes (in sentences and paragraphs). Your answer should not exceed ONE page in length. TRANSCRIPT Mr Selby (Chair): Ladies and gentlemen, we have so far addressed most of the crucial issues that are affecting the broader society and our immediate families, such as high student drop-out and failure rates. We are all aware of our country’s declining economy especially after the outbreak of Covid19, load shedding and the high level of corruption in the country. Most members of our households are unemployed as a result. The socio-economic decline of the country directly or ENN1504/02/2024 3 indirectly affects the smooth running of some institutions of learning like ours, which depends on the tuition fees paid by the parents. I am aware that most of the students applied for funding through the National Student Financial Aid Department. Unfortunately, not all our students were lucky enough to get approval and receive the funding. About 60% of the students, therefore, owe their tuition fees. This makes it very difficult for the college to sustain itself because it is through the tuition fees that a lot of debts are covered, including electricity and water bills. The lecturers employed on fixed-term contracts get paid through the tuition fees. Resources such as computers, library books, sport equipment, to name a few, are purchased through that money as well. Without tuition fees, the institution cannot survive. The challenge we are faced with is, how can we help each other to resolve the students’ debts to sustain the institution? I therefore suggest that we discuss agenda item 4.1: Students’ tuition fees debts. Mr Moss: Thank you very much, Chair. The College Board acknowledges the financial struggles that the parents are going through. It is just unfortunate that the National Students’ Financial Aid Department is unable to fund every applicant for various reasons. Thus far, the College Board has recommended that some of the debtors be handed over to the credit bureau for further investigations. Ms Small: Ladies and gentlemen! Finances are a very sensitive topic. Most of us parents are really trying hard to make payments, but like you already said, Chair, it is such a struggle. One of the reasons why I, and maybe most of us parents, struggle to pay our children’s tuition fees is that we are over-indebted. I heard about debt counselling over the radio and TV and visited one of the National Credit offices to find out if I could not get assistance with debt- ENN1504/02/2024 4 counselling and advice on how to meet my debt repayments. The counsellor explained the process of how an over-indebted consumer can apply for his/her debt to be restructured so that he or she could pay household expenses and still be able to pay off such other debts as college fees at the end of each month. If you are battling with debt, debt-counselling may be one way out of a tight spot without having your goods repossessed, getting blacklisted by a credit bureau, or getting your child suspended or kicked out of the college. Ms Zondi: I agree with Ms Small. Debt counselling could be one of the options for saving our children from being expelled from the college because of unpaid tuition fees. However, we also need to be careful about some of the disadvantages of the debt counselling process. The process involves reducing your monthly payments on your debts, but it will take longer for you to settle the amount you owe, and you will pay more interest as well. Another drawback is that, while under debt counselling, you are unable to get more credit or use your pre- existing credit facilities. The debt counselling process is also not free, as debt counsellors also receive 5% as a monthly after-care fee. So, do not think about debt counselling as an easy way out; it is a tough process that demands commitment and sacrifice from you. I therefore suggest that we should also consider other ways of dealing with our tuition debts before we enter the debt- counselling process. One option could be to make arrangements with Gauteng College to change our payment terms and maybe allow for longer term payments. ENN1504/02/2024 5 Ms Moima: The Student Representative Council has been debating about student tuition fee debts and how we could help each other to resolve the problem. We also agree that over-indebted parents can opt for debt counselling if possible. Additionally, we also think that the student body should think about fundraising events such as marathons or sports tournaments, beauty pageants, and others, which can assist students who are struggling with tuition fees. Different local businesses could be approached for sponsorship of such events. Representatives from different banks can be invited to the college to share information with students about available student loans from the banks. Mr Moss: In one of the recent College Board meetings, it was proposed that the college establish an academic award committee which would look at different accolades that students could compete for and be awarded bursaries. These accolades would relate to academic achievement, achievement in sports, academic debates, outstanding short stories or the most interesting college articles. Different college departments could suggest categories and criteria on the basis of which high achievers could be awarded bursaries. Mr Selby: Ladies and gentlemen, It looks like we have exhausted different ways of assisting each other to raise funds to cover tuition fees. Are there any additional strategies that you can think of? Mr Moss: I think we have exhausted different fundraising strategies. However, we can also establish a suggestion box in which students can post additional academic accolades for bursary awards for consideration. ENN1504/02/2024 6 Mr Selby: Definitely, Mr Moss. Members of the SRC will take care of that and liaise with the College Board to finalise decisions. Are there any objections to these initiatives? All: No! Mr Selby: Thank you very much for your wonderful inputs, ladies and gentlemen. I will provide feedback on tuition payment to our next College Senate meeting.