The NSFAS has quickly become a lifeline to many students since its inception. This has been the only hope of many South African students who come from poor families. Because some of the disbursement coming from the NSFAS is marked as loans it is required that the students pay back as soon as they are through with college and have started earning a steady income.
Your prompt payment of these loans will help the programme stay afloat, and thus available to come to the aid of other students who may be in need of Financial Aid. Paying back this loan will also give you clean financial history, improving your chances of getting personal or business loans from financial institutions.
In order to pay back your NSFAS loans the following information on NSFAS bank details should come in handy.
NSFAS Banking Details
Electronic Funds Transfer (EFT)
One simple way of making these loan repayments is to do an Electronic Funds Transfer (EFT). You can decide to do this each month when your salary comes in. You can set aside a small fraction of your salary so as to spread the repayment over a long period of time.
Please use the information below when making Electronic Funds Transfers.
Name of Account: NSFAS
Bank: First National Bank
Account Number: 500 600 28203
Branch Code: 210554
Please use your ID Number as a reference when making payments, so as to enable the programme to track your payments. Without your reference number, the programme may not deduct and record the payment.
NSFAS is also added as a predefined beneficiary for Electronic Transfers with Capitec Bank, and FNB. While going through the options just look for “NSFAS” in their list of beneficiaries.
Debit Order
For those who earn steady salaries, a better, less stressful way of making these repayments is to do a Debit Order at your bank. This removes the stress of worrying about remembering to pay your NSFAS loan every month. You don’t have to worry, and you don’t even have to remember. At the agreed time every month, the money is just taken from your bank account and transferred to the assigned bank account.
To do this, just get the electronic debit order form from the NSFAS website. Complete the form, and then attach it to an email which you will send back to [email protected]
At the present time, the money will just be debited from your account and credited to the NSFAS.
Salary Deduction
This is another simple way to make repayments of your NSFAS loan. Your employer can make deductions from your income and pay it directly to the NSFAS. Print and complete the form and submit it to your employer. You may contact your employer, to make this easier.
One benefit of Salary deductions is that the money is debited at the source before the beneficiary has a chance to spend it unwisely. Furthermore, making these payments in this manner shows your employer that you are trustworthy and responsible.
Africa Direct Life is a registered Financial Service Provider working with the NSFAS in order to assist in contacting NSFAS beneficiaries, for them to start making repayments on their NSFAS loans.
Another Financial Services Provider working with the NSFAS is ARA Group. This partnership will see ARA applying it’s Collections and Revenue Management experience to help beneficiaries make repayments.
The following are related questions asked about the NSFAS and related to receiving and returning money as Financial Aid for needy students in South Africa.
How do I add bank details to Nsfas?
To upload your bank details go to: https://mycard.fundi.co.za/ and then proceed to click on upload banking details. The system will display a set of prompts, please just follow them. You should then receive your funds loaded on your card. If you do not receive your funds in your card then you should make an enquiry at the Campus Financial Aid office of your institution or contact the bursar/sponsor directly.
Can you transfer NSFAS to Bank Account?
Do you wish to Transfer money from my NSFAS Wallet to a local bank account? NSFAS funds are designed to be spent at your school’s payment office. However, the fund also covers living expenses for your daily use. If you want to withdraw cash at participating stores, create a cash voucher and withdraw the cash at participating stores such as Shoprite, Usave, Checkers, SPAR, Choppies or Boxer. Note that these stores usually have low daily cash withdrawal limits ranging from R200 to R1000 per day.
How much money does NSFAS give to students?
The NSFAS programme allocates a living allowance which is provided to full-time students to the tune of R15 000 per year. The programme also provides an incidental allowance which is R2900. For students receiving the R15000, the incidental allowance is already included.
Where can I withdraw my NSFAS Money?
You can withdraw your NSFAS funds in cash at any of the participating stores: Shoprite, Usave, Checkers, SPAR, Choppies or Boxer.
Related:
Conclusion:
Please remember that the NSFAS programme is designed to provide Financial Aid for students to pay tuition fees, buy books, and pay for accommodation. As such the programme is designed to be difficult to spend for any other uses. Getting cash from the NSFAS should therefore be to meet the student’s living expenses. You may make purchases at participating stores listed in this article.