The National Student Financial Aid Scheme (Nsfas) has launched a renewed effort to trace former beneficiaries who overpaid their study loans and may be entitled to refunds.
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The scheme said the refunds relate mainly to historical Nsfas loan accounts dating back to before 2010.
Nsfas previously conducted a refund campaign in November 2015 and managed to refund or resolve most cases. However, some former debtors could not be reached using the contact information available at the time.
The scheme has now obtained updated contact details through approved data sources and is making another attempt to locate affected individuals and process outstanding refunds.
Any unclaimed funds will be transferred to the National Credit Regulator (NCR).
Nsfas identifies overpaid loan accounts
According to Nsfas, the refunds stem from historical interest calculation corrections that resulted in some former beneficiaries paying more than they owed on their loan balances.
Nsfas administrator Professor Hlengani Mathebula said the organisation remained committed to ensuring that former beneficiaries received money owed to them.
“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,” said Mathebula.
How the refund process works
Nsfas said affected individuals would be contacted through official communication channels using updated tracing information, including cellphone numbers and email addresses.
Those identified as potentially eligible for refunds will be directed to the official Nsfas refund process, where they will be required to complete an application form and submit verified banking details.
The scheme will then validate the information before processing any applicable refund.
Nsfas stressed that banking details must be in the debtor’s name and linked to the debtor’s South African identity number.
Former beneficiaries will also have the option of donating their refund amount back to Nsfas to support future students.
Warning against scams
Mathebula urged former beneficiaries to remain vigilant when engaging in the refund process.
“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.”
Nsfas advised beneficiaries and former beneficiaries not to share personal or banking information with unauthorised individuals or through unofficial platforms.
The scheme said it remained committed to transparency, accountability, and the responsible administration of public funds, while ensuring that eligible beneficiaries receive the support and services to which they are entitled.