Cape town: The National Student Financial Aid Scheme (NSFAS) has identified several former beneficiaries who overpaid their student loan accounts and are eligible for refunds.
According to South African Government News Agency, the refunds primarily concern historical scheme loan accounts from before 2010. NSFAS previously launched a refund campaign in November 2015, successfully resolving most of the initial refund cases. However, some affected former debtors could not be reached due to outdated contact information.
NSFAS Administrator, Professor Hlengani Mathebula, stated that the scheme is currently making renewed efforts to locate and refund eligible former debtors using recently updated contact information obtained through approved data sources. Any unclaimed funds will be transferred to the National Credit Regulator (NCR).
"NSFAS is committed to administering all financial transactions fairly, accurately, and transparently. Where former beneficiaries have overpaid their loan balances, it is our responsibility to refund those amounts and ensure that affected individuals receive the funds due to them. We encourage all eligible debtors to engage with NSFAS through our official channels so that this process can be concluded efficiently," Mathebula said.
According to NSFAS, the refund process is designed to be straightforward, secure, and efficient. Eligible former debtors will be contacted through official NSFAS communication channels and guided on how to submit their refund requests. The NSFAS Loans Unit has outlined the process, which includes identifying debtors who overpaid due to historical interest calculation corrections, contacting affected individuals, and guiding them through the refund application process.
Mathebula urged former beneficiaries to remain vigilant when sharing personal information and to engage only through official NSFAS communication channels and approved platforms. "Protecting the personal information of our beneficiaries and debtors remains a priority. We urge all affected individuals to verify communications and engage only through official NSFAS platforms when submitting refund requests or personal details," Mathebula said.
NSFAS also advised beneficiaries and former beneficiaries against sharing personal or banking information with unauthorised individuals or through unofficial platforms. The scheme remains committed to transparency, accountability, and the responsible administration of public funds, ensuring that all eligible beneficiaries receive the support and services to which they are entitled.