Repaying your NSFAS loan starts after you have completed your studies and secured a job.
NSFAS will notify you about the repayment requirements once your loan enters the repayment stage.
The repayment process involves paying back the loan in monthly installments.
You can set up a debit order or make manual payments to NSFAS.
The amount you repay depends on your income and the loan agreement terms.
When do you start repaying your NSFAS loan?
You start repaying your NSFAS loan as soon as you earn R30,000 or more annually.
This threshold ensures that you only repay your loan when you can afford it.
NSFAS will monitor your income through updates from your employer or tax records.
If you do not reach this income level, you are not required to make payments.
However, it is essential to inform NSFAS if your income changes.
How do you calculate your monthly repayments?
Your monthly repayment amount is determined as a percentage of your salary.
For example, you may pay 3% of your annual salary when you first start earning above the threshold.
As your salary increases, the repayment percentage also increases.
NSFAS will provide you with a detailed repayment schedule based on your income.
You can use this schedule to plan your finances and ensure timely payments.
What happens if you do not repay your NSFAS loan?
Failing to repay your NSFAS loan can result in penalties.
Your debt may accumulate interest, increasing the total amount you owe.
NSFAS may take legal action to recover unpaid amounts.
Your credit score may be negatively affected, limiting your financial options.
To avoid these consequences, always communicate with NSFAS about your situation.
Can you repay your NSFAS loan early?
Yes, you can repay your NSFAS loan early if you wish to clear the debt faster.
Early repayment can save you money on interest and improve your financial freedom.
To make early payments, contact NSFAS to arrange the process.
You can make a lump-sum payment or increase your monthly contributions.
NSFAS will provide an updated balance if you decide to pay early.
How do you contact NSFAS about loan repayments?
NSFAS has several channels for loan repayment inquiries.
You can call the NSFAS contact center at 0800 067 327 for assistance.
Alternatively, you can email NSFAS at [email protected].
Visit the NSFAS website for more information or to access your account.
Ensure that your contact details are up to date to receive notifications.
Are NSFAS loans converted to bursaries?
In some cases, part of your NSFAS loan may be converted into a bursary.
This normally applies if you complete your studies on time and meet certain academic criteria.
The converted amount does not need to be repaid, reducing your overall debt.
Check with NSFAS to confirm whether you qualify for this benefit.
Understanding these conditions can help you plan your repayment strategy better.