The National Student Financial Aid Scheme (NSFAS) is urging former beneficiaries who may have overpaid their student loan accounts to come forward and claim refunds.
According to NSFAS, the refunds mainly relate to historical loan accounts from before 2010. While a refund campaign launched in 2015 successfully resolved most cases, some former beneficiaries could not be reached using the contact information available at the time.
NSFAS Administrator, Hlengani Mathebula, said the scheme is making another effort to trace eligible former debtors using updated contact details obtained through approved data sources.
He said NSFAS is committed to ensuring that former beneficiaries who overpaid their loans receive the money owed to them.
The scheme warned that unclaimed funds will eventually be transferred to the National Credit Regulator (NCR).
Eligible individuals will be contacted through official NSFAS channels and guided through the refund process. Applicants will be required to complete a refund application form and provide verified banking details. NSFAS stressed that bank accounts must be in the debtor’s name and linked to their South African ID number.
Former beneficiaries also have the option of donating their refund back to NSFAS to support future students.
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