How NSFAS Will Recover Funds Owed By Students | If you still owe funds to the National Student Financial Aid Scheme before it became a bursary and are employed, the bursary scheme wants you to contact them as soon as you can.
The National Student Financial Aid Scheme (Nsfas) was converted from a student loan to a bursary in the 2018 academic year. This means that students who have been benefiting from the bursary scheme, during that period will not have to pay it back.
However, Nsfas has also had to clarify what this means for students who were funded by Nsfas before it became a bursary. During a recent application information webinar, Nsfas officials stated that the bursary is still in the process of recovering all outstanding debt that is owed by students.
Nsfas is continuing with the recovery of debt that was incurred pre-2018
In addition to this, Nsfas has a team of external debt collectors who will look into unpaid accounts that are still pending, then perform a SARS data match and give these debtors the information.
According to the bursary scheme, there have been many people who have approached NSFAS to find out why they are still required to repay the bursary.
In response, Nsfas has said that the contractual loan agreements that students signed before fee-free education must be honoured by the students that signed:
“Unfortunately the current state of accounts or loans that were approved before fee-free education was announced are valid loan agreement forms entered into between Nsfas and the student at that time. Once a debtor signs the agreement, all the terms and conditions of the agreement are valid and it has to be paid back.”.
The bursary scheme has made it clear that students still need to notify Nsfas of their employment and any changes to their contact details.
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