How to repay a National Student Financial Aid Scheme Loan
How to repay a National Student Financial Aid Scheme 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 National Student Financial Aid Scheme Act of 1999 allows National Student Financial Aid Scheme to have employers deduct loan repayments from the monthly salaries of those who’ve been assisted by the scheme, about 20% of National Student Financial Aid Scheme recipients have never paid back a cent. In 2013, National Student Financial Aid Scheme 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 National Student Financial Aid Scheme funding and you get your degree, be a good sport and pay back the money.
Ways to Pay Back National Student Financial Aid Scheme Loan – National Student Financial Aid Scheme 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: National Student Financial Aid Scheme
Branch Code: 210554
Bank: First National Bank
Account Number: 500 600 28203
Please use your ID Number (6711165000000) as a reference when making payments
National Student Financial Aid Scheme is added as a predefined beneficiary at the following banks:
Just look for “National Student Financial Aid Scheme” in their list of beneficiaries
Debit Order
If you don’t want to worry about remembering to pay your National Student Financial Aid Scheme 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 National Student Financial Aid Scheme.