The National Student Financial Aid Scheme (NSFAS) says it has identified former beneficiaries who overpaid their study loans and are eligible for refunds, as it moves to trace affected individuals and recover or return unclaimed funds linked to historical loan accounts dating back to before 2010.
NSFAS said it is reopening a refund process that was first launched in November 2015, during which most eligible former debtors were successfully refunded or assisted.
However, it said some individuals could not be reached at the time due to outdated contact information, prompting a renewed tracing exercise using updated data obtained through approved sources.
“NSFAS is currently making a further attempt to locate and refund eligible former debtors using updated contact information recently obtained through approved data sources,” the scheme said.
It added that unclaimed funds will be transferred to the National Credit Regulator (NCR) in line with applicable processes.
NSFAS said the refund process is structured to ensure accuracy and security, noting: “The refund process is designed to be straightforward, secure, and efficient.
”Eligible debtors will be contacted through official NSFAS communication channels and guided on how to submit their refund requests.”
According to the scheme, its Loans Unit has identified affected individuals through corrections linked to historical interest calculations, which in some cases resulted in overpayments.
“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,” It said.
Once contacted, individuals are required to submit a refund application form and provide verified banking details for processing.
NSFAS said banking details must match the debtor’s name and South African ID number to prevent fraud and ensure accuracy.
The scheme also said beneficiaries may choose to donate their refund back to NSFAS to support future students.
NSFAS Administrator Professor 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.”
“We encourage all eligible debtors to engage with NSFAS through our official channels so that this process can be concluded efficiently.”
NSFAS also warned beneficiaries and former beneficiaries to be cautious of fraud and phishing attempts, stressing that all engagements must be done through official platforms only.
“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.”
The scheme said it remains 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.
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