In this article, you will see how to repay your NSFAS Loan, why NSFAS might turn your loan to Bursary and know the kind of scheme NSFAS is operating now.
If you were funded by NSFAS when it was in the form of a loan scheme and you’re now looking to repay your loan, here is how you can repay your NSFAS Loans. NSFAS provides funding for higher education studies to South African students.
Should you have been funded by NSFAS when it was in the form of a loan scheme and you’re now looking to repay your loan, here are the ways in which you can do so.
All students who received a NSFAS loan before the president’s announcement of free education in December 2017 need to repay the loaned amount as per the signed loan agreement form. Should you have started funding with NSFAS in 2018 and thereafter, you have received a bursary and there’s no need for you to pay NSFAS back.
You will only start repaying your loan once you have a salary of R30 000 or more per year. No need to worry as the repayments are worked out at a rate that will not place a great burden on you and is based on your salary.
40% of a general loan is converted into a bursary if you pass all of the courses you were registered for in that year.
If you applied at your institution’s Financial Aid Office to be on the NSFAS Final-Year Programme, you will have your final-year loans converted into a 100% bursary if you pass all of your final-year courses and qualify to graduate.
How to Repay Your NSFAS Loans
They are two methods in which you can repay your NSFAS Loans which are Namely:
- Debit Order
- Salary Deduction
Now let’s explain how to use each method for NSFAS Loan Repayment.
1. Debit Order
If you don’t want to worry about remembering to pay your NSFAS loan every month, this is a good option for you. Just complete the electronic debit order form and submit it. To find the NSFAS debit form, click here. Complete this form and email it back to [email protected].
Electronic Funds Transfer (EFT)
If you would like to do an EFT each month these are the NSFAS 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
Should you bank with Standard Bank, Capitec, FNB or Absa, NSFAS is added as a predefined beneficiary and you can then just look for “NSFAS” in their list of beneficiaries.
2. Salary Deduction
Your employer can make deductions from your income and pay it over to NSFAS. Print and complete the form and submit to your employer.
NSFAS provides funding for higher education studies to South African students.
For more information on NSFAS, click here.