NSFAS FAQS (REPAYMENTS)

I received a statement, the last payment I made does not reflect on my account statement?

All direct deposits and transfers are made into our FNB bank account. Kindly ensure that you use your ID number as a reference number. Payments made by you into your NSFAS account will reflect within 72 days of making the payment. For ways to make payments email collections@nsfas.org.za

I am now working and would like to start paying my loan account?

Repayments are based on your annual salary. If you earn R30 000 per year, you will have to pay 3% of your salary. This increase is equal to an additional 1% for every R6 600 you earn above R30 000 per annum. The maximum rate that you will pay is 8% when you earn R59 300. For ways to make repayments, email collections @nsfas.org.za

When do I start paying my student loan account?

Repayment of your NSFAS study loan is only due once you have secured employment. If you received a study loan in 2017 and prior, an interest holiday of 12 months post exit date is applicable to student loan accounts. Send confirmation of employment to debtors@nsfas.org.za. Repayments are based on your annual salary. If you earn R30 000 per year, you will have to pay 3% of your salary. This increase is equal to an additional 1% for every R6 600 you earn above R30 000 per annum. The maximum rate that you will pay is 8% when you earn R59 300 per year.

How is the interest calculated on my loan?

The current interest rate for this financial year is 4.2%. NSFAS financial year runs from April 01 to March 31, the following year. A debtor’s status as studying or not studying is determined by the date of exit as captured in the system. The NSFAS interest rate is pegged at 80% of the repo rate and fluctuates in line with changes to the repo rate.

What will happen to loans owed to NSFAS by students who have already graduated?

NSFAS has not received any commitment by government at this stage to write of any outstanding student debts. The free education pronouncement was clear that it will be effective starting from the 2018 academic year. As far as we are concerned, previous loans will still need to be paid back by those who benefited.

I have a refund due; how do I claim back my money?

To claim a refund, you will need to fill out a refund form. The form must be stamped at the bank and completed with a valid bank account, registered under your ID number. Email the form to refunds@nsfas.org.za. Kindly note that your refund will be paid out within 21 days of having received the verified refund form. Should you require further assistance in this regard, please submit a query through NSFAS Connect.

How do you ensure that students pay back the money?

Students sign a legally binding loan agreement contract to repay their loans. NSFAS also works with third party organisations (e.g SARS to track down NSFAS beneficiaries who are employed and earning more than R30 000 per year and make payment arrangements.

How much of the loan repayment assists in funding other students?

Every cent of a loan repayment goes towards helping other students with funding.

How much time do students have to pay back their loans?

No, time limit is given for repayment, since this is determined by the salary of the debtor, and his or her ability to repay. Those who are unemployed are not expected to repay.

No time limit is given for repayment, since this is determined by the salary of the debtor, and his or her ability to repay. Those who are unemployed are not expected to repay.

Those who are unemployed are not expected to repay but must inform NSFAS whenever their employment status changes.