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Nsfas how to pay back

Nsfas how to pay back

 
Nsfas how to pay back: 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.

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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:

Just look for “NSFAS” in their list of beneficiaries

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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.

OR

Complete the attached form and email it back to [email protected]

Salary Deduction

Your employer can make deductions from your income and pay it over to NSFAS.

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