There are several ways in which you can repay your NSFAS loan. We are going to guide you on how you can repay your NSFAS loan successfully.
Aside that, you will also discover other helpful information on NSFAS. For instance, we have provided answers concerning how to apply for NSFAS loan, nearest offices of NSFAS, etc.
What Is NSFAS?
NSFAS basically means The National Student Financial Aid Scheme. It is a South African government student financial aid scheme which renders financial assistance to undergraduate students to help pay for the cost of their tertiary education after completing high school.
NSFAS is a bursary scheme financed by the Department of Higher Education and Training for those who do not have the financial capabilities to pay for the cost of their tertiary education and also, will not be able to access bank funding, study loans or bursaries.
How To Apply For NSFAS Loans
NSFAS Repayment Details
Initially, NSFAS financial support was in the form of loans and still need to be paid back when the beneficiary gets employment after completion of his or her studies.
In situations where the beneficiary has passed all his/her subjects, 40% of the NSFAS funding for that particular year/semester will be converted into a bursary. This means, the beneficiary will only pay back 60% of the loan when he or she starts working.
NSFAS Repayment Methods
Below are ways to repay your NSFAS Loans:
In instances where you don’t want to bothered about recalling to pay your NSFAS loan every month, this is an ideal option you may go in for. All you need to do is to complete the NSFAS’ electronic debit order form and submit it.
The NSFAS’ debit form can be accessed by clicking the link here. Upon completion, email the form back to [email protected].
Electronic Funds Transfer (EFT)
Should in case you prefer to do an EFT each month, these are the NSFAS bank details you will use:
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
If you bank with Standard Bank, Capitec, FNB or Absa, NSFAS is added as a predefined beneficiary, hence you can simply look for “NSFAS” in their list of beneficiaries.
With this option, your employer can make deductions from your income and pay it over to NSFAS. Just print and complete the form and then, submit it to your employer.
NSFAS Scam Alert
Be informed about all scam related activities linked with NSFAS.
NSFAS Contact Information
Call NSFAS using Toll Free: 08000 67327
Email NSFAS at: [email protected]
For more information contact: National Student Financial Aid Scheme.