NSFAS Loans Repayment: Steps on how to repay your NSFAS loans online.
NSFAS stands for the National Student Financial Aid Scheme, which is a government organization in South Africa that provides financial assistance to eligible students to help them pay for their studies. If you have received a loan from NSFAS, it is important to understand your repayment obligations and to make sure that you make your payments on time.
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.
See Also: How to create a MyNSFAS Account
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.
Here are some things you should know about repaying an NSFAS loan:
- You will be required to start repaying your loan once you have completed your studies or if you are no longer enrolled in school.
- You will receive a statement of account indicating the amount you need to pay each month.
- You can make payments directly to NSFAS through bank transfer or by depositing cash at a bank.
- If you are unable to make your monthly payments, you should contact NSFAS to discuss alternative repayment arrangements.
- It is important to make sure that you keep your contact information up to date with NSFAS so that you can receive important communications about your loan.
How to Repay Your NSFAS Loans
All students who received an NSFAS loan need to repay the loaned amount as per the signed loan agreement form.
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 collections@nsfas.org.za.
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.
Salary Deduction
Your employer can make deductions from your income and pay it over to NSFAS. Print and complete the form and submit it to your employer.
Related: NSFAS Consent Form | How To Access It
NSFAS provides funding for higher education studies to South African students.
If you have any further questions about your NSFAS loan or your repayment obligations, you can contact NSFAS directly for more information.
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