Organization : NSFAS National Student Financial Aid Scheme
Type of Facility : Student Loan Repayments Procedure
Location :Cape Town
Website : http://www.nsfas.org.za/content/loanrepayments.html
Debit Order Form : https://www.southafricain.com/uploads/546-Debit-Order-form.pdf
Deduction Form : https://www.southafricain.com/uploads/546-Deductionform.docx
NSFAS Student Loan Repayments Procedure
** By paying back your NSFAS study loan, you are paying it forward to someone else who needs it just as much as you did.
Related : National Student Financial Aid Scheme Apply for Funding : www.southafricain.com/43.html
** Paying back your study loan is your duty and your responsibility to other students in need of student financial aid in South Africa.
Ways to Pay
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
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.
** Open the electronic debit order form
Complete the attached form and email it back to recoveries AT nsfas.org.za
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.
** Open the employer deduction form
How do I repay the student loan :
** NSFAS student loans are income-contingent. This means that repayment starts only when you have an income, usually when you start working. NSFAS will send you statements showing how much you owe and how much you must pay back each month.
** It is your legal responsibility to keep in touch with NSFAS and to inform us of any change of address.
How are repayments calculated :
** NSFAS has made repayments affordable for you. Repayments of your student loan are based on the salary that you earn, and start once your salary is R30 000 or more per year.
** Payments start at 3% of your annual salary, increasing to a maximum of 8% when your salary reaches R59 300 or more per year. For example, this means you will pay back R900 a year on a salary of R30 000 a year, or R84 per month.
** When your salary is R59 300 you will pay back R4 744 a year or R696 a month. NSFAS charges lower interest rates than banks. Interest is charged at 80% of the repo rate, which is the repurchase rate at which the Reserve Bank lends to commercial banks. NSFAS will continue to charge interest on all outstanding balances. It is therefore very important to start repaying your loan as soon as possible.
How will I repay the loan if I am unemployed or still studying :
** You do not have to repay if you are unemployed or still studying, but you do have to provide written proof (in the form of an affidavit, valid for 3 months) to say that you are unemployed.
** Please stay in contact with us and make sure that information such as your employment status and your personal details, including address and cellphone numbers, are up to date.