Internationally, research has been conducted on factors affecting students' academic success as measured by time to degree completion. Investigating these factors is important given the role of higher education in the South African context. Astin's Input-Environment-Outcome (I-E-O) model was used to analyse the factors affecting students' academic success. These included key input and environmental factors identified in prior literature such as race, gender, prior academic results, English proficiency, high school quality, family income, first-generation educational status, integration into higher education institutions, student employment and financial aid. To date, South African research on financial aid has concentrated on how financial aid improves access to higher education, however, there is very little information on how it effects on-time degree completion. This paper thus identifies a gap in the role of financial aid in assisting timely graduation and examines this phenomenon in relation to accountancy students in South Africa.