In this article, the researchers interrogate the media discourse on the national students financial aid scheme (NSFAS) crisis, as well as how the language used by politicians and students, shaped the decision-making of stakeholders. A qualitative approach was employed to analyse online media articles. Content analysis was used to organise the online media text into themes, corresponding to the concepts of the Theory of Communicative Action (TCA), and subsequently, critically interrogate the discourses presented in the text. The findings revealed claims of corruption and irregularities in the administration of the NSFAS programme, as a network of service providers and public servants was created, to assist each other in the tender process, and facilitate the looting at NSFAS. The institution failed to act on the claims, creating the impression that students were dependent on government handouts, while stripping them of the responsibility of managing the NSFAS debt. In addition, the crisis resulted in students' protests at several higher education institutions in South Africa. In this study, the researchers offer useful insights into issues that affect NSFAS, to policymakers and managers, regarding improvements required for the effective governance, operations, and sustainability of NSFAS.