How to repay a nsfas loan

By | December 13, 2023

How to repay a nsfas loan

How to repay a nsfas loan: Loan repayments are based on the salary that you earn; you start paying them back once your salary is R30,000 or more per year. The repayment rate is reasonable: 3% of the annual salary, increasing to a maximum of 8% when your salary reaches R59,300 or more per year. This means you will pay back R900 a year on a salary of R30 000 a year, or R84 per month. Not a bad deal, especially when you consider that the interest charged on the loan is subsidised at 80% of the rate that the commercial rate banks would charge.

Even though the NSFAS Act of 1999 allows NSFAS to have employers deduct loan repayments from the monthly salaries of those who’ve been assisted by the scheme, about 20% of NSFAS recipients have never paid back a cent. In 2013, NSFAS was owed R15.6-billion in unpaid loans. This means the next generation of needy students have to fight that much harder for a piece of the pie. So if you get NSFAS funding and you get your degree, be a good sport and pay back the money.

Ways to Pay Back NSFAS Loan – Nsfas how to pay back

 

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

NSFAS is added as a predefined beneficiary at the following banks:

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Just look for “NSFAS” in their list of beneficiaries

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

OR

Complete the attached form and email it back to recoveries@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