NSFAS pays back: beneficiaries to get refunds after overpaying

Some students who were funded by the National Student Financial Aid Scheme (NSFAS) are in for a windfall after the fund said it has identified several former beneficiaries who overpaid their student loan accounts and are now eligible for refunds.

Those due for refunds are from a batch that was funded by NSFAS before 2010. They may donate their refund amount back to NSFAS to support future students if they do not want to take the cash due to them.

NSFAS said it had previously launched a refund campaign in November 2015 and successfully refunded or resolved the majority of the original refund population.

However, some affected former debtors could not be reached using the contact details available at the time, it said.

The fund’s administrator, Prof Hlengani Mathebula, said they were now making a further attempt to locate and refund eligible former debtors using updated contact information recently obtained through approved data sources.

Unclaimed funds will be transferred to the National Credit Regulator (NCR), he said.

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

—  Prof Hlengani Mathebula, NSFAS administrator

“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 following process:

• NSFAS identifies debtors who overpaid their loan balances due to historical interest calculation corrections.
• Affected individuals are contacted through official NSFAS communication channels using updated tracing information, including cellphone numbers and email addresses.
• Debtors are informed that a refund may be due to them and are directed to the official NSFAS refund process or platform.
• The individual completes the required refund application form and submits verified banking details for payment processing.
• NSFAS validates the submitted information and processes the refund where applicable.
• Banking details must be in the debtor’s name and linked to the debtor’s South African ID number.
• Individuals may elect to donate their refund amount back to NSFAS to support future students.

Mathebula urged former beneficiaries to remain vigilant when sharing personal information and only engage through official NSFAS communication channels and approved NSFAS 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.

He also advised beneficiaries and former beneficiaries against sharing personal or banking information with unauthorised individuals or through unofficial platforms.

NSAFS, he said, remains committed to transparency, accountability, and the responsible administration of public funds, while ensuring that all eligible beneficiaries receive the support and services to which they are entitled.

Sowetan