Thokozile Mnguni
The National Student Financial Aid Scheme has identified a number of former beneficiaries who may be entitled to refunds after it emerged that some student loans were overpaid. The affected accounts mainly date back to periods before 2010.
The scheme said a previous refund drive was conducted in November 2015, which resolved the majority of eligible cases. However, some former students could not be reached at the time due to outdated or missing contact details. NSFAS is now revisiting these cases and attempting to trace individuals using updated information sourced through approved data channels.
Funds that remain unclaimed will eventually be handed over to the National Credit Regulator.
Commenting on the process, NSFAS Administrator Hlengani Mathebula said: “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.”
Those affected will be contacted via official NSFAS communication platforms and guided through the refund process. The scheme said the procedure has been designed to be secure, clear and accessible.
According to NSFAS, overpayments were identified through the correction of historical interest calculations. Once cases are confirmed, beneficiaries are traced using updated contact details, including mobile numbers and email addresses.
To receive a refund, individuals must submit an application along with verified banking details. Payments will only be processed into bank accounts linked to the applicant’s South African ID number. Beneficiaries will also have the option to donate their refund back to NSFAS to support future students.
Mathebula added, “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.”
NSFAS has also cautioned the public to remain alert to possible scams and to avoid sharing personal or banking details with unverified sources.