Do We Pay Back NSFAS?
Do We Pay Back NSFAS?
Yes, the NSFAS fund is to be paid, which means you must return the money that have been issued to you. Repayments begin only when you graduate and earn a specified minimum salary, which is presently fixed at R30,000 per year. Your NSFAS repayment depends on your income. If your income exceeds the minimum, you will be compelled to make repayments. The precise proportion depends on your wages.
NSFAS is a South African government initiative that provides financial assistance to qualified students pursuing university education. It covers tuition, housing, and allowances, making higher education more accessible to individuals who may not be able to afford it otherwise.
READ: How Much Does NSFAS Pay For Accommodation?
Way To Pay NSFAS Back
All students who got an NSFAS loan prior to the president’s declaration of free education in December 2017 must repay the loaned amount in accordance with the loan agreement form they signed. NSFAS fund can be paid by the following ways;
- Debit Order:
This is an excellent option if you don’t want to bother about remembering to pay your NSFAS loan every month. Simply fill out and submit the electronic debit order form. OR Complete this form and email it back to collections@nsfas.org.za
- Electronic Funds Transfer (EFT):
If you would like to do an EFT each month these are our bank details.
- Name of Account: NSFAS
- Branch Code: 210554
- Bank: First National Bank
- Account Number: 500 600 28203
- Please use your ID Number (6711165000000) as a reference when making payments.
- Salary Deduction:
Your employer may deduct money from your paycheck and pay it to NSFAS.
Print, fill out, and return the form to your company.
READ: Will NSFAS Fund Education Students In 2024/2025?
What Happens If You Don’t Repay NSFAS?
If you do not return your NSFAS (National Student Financial Aid Scheme) loan on time, you may face a number of consequences, including;
- Interest Accrual: Interest is still rising on your overdue loan balance. Although NSFAS loans offer low-interest rates, any unpaid balance will build over time, increasing your debt.
- Non-repayment might have a negative impact on your credit score. A poor credit score might make it difficult to get loans or credit in the future, such as for vehicles, residences, or personal loans.
- NSFAS has the authority to initiate legal action in order to recover the overdue debt. To repay the obligation, a court order, wage garnishment, or asset attachment may be obtained.
- Difficulty Graduating: If you have outstanding NSFAS debt, your academic transcripts or qualifications may be withheld until the debt is resolved. This might limit your capacity to use your degree to develop your profession.
- Inability to Access Future Funding: Failure to return your NSFAS loan may also preclude you from receiving financial help in the future if you desire to further your education.
- Fines can Add Up: NSFAS may levy fines for non-payment or late payments, increasing the total amount you owe.
READ: Does NSFAS Fund 6 Months Courses?
Contact NSFAS
Contact NSFAS through the following details;
Email: info@nsfas.org.za
Facebook: National Student Financial Aid Scheme
Twitter: @myNSFAS
Instagram: @myNSFAS
WhatsApp: +27 78 519 8006
USSD:*120*67327#
Visit the official website of NSFAS for more information.
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