By Lebone Rodah Mosima

The National Student Financial Aid Scheme (NSFAS) says it has identified thousands of former beneficiaries who are collectively owed about R77 million in refunds arising from overpaid study loans, most of which date back to before 2010.

NSFAS said on Wednesday that it had launched a refund campaign in November 2015, through which approximately R48.4 million was refunded or otherwise resolved.

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

“NSFAS is now making a further attempt to locate and refund eligible former debtors using updated contact information recently obtained through approved data sources,” the scheme said.

According to NSFAS, the remaining refund cohort comprises 19,536 former debtors owed a combined R28.6 million.

The scheme said it has initiated a renewed tracing and verification process to facilitate payments to affected individuals.

NSFAS Administrator Professor Hlengani Mathebula said the scheme remained committed to administering 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,” Mathebula said.

“We encourage all eligible debtors to engage with NSFAS through our official channels so that this process can be concluded efficiently.”

The scheme said its Loans Unit was monitoring overpaid loan balances, some of which were affected by historical interest calculations, and was contacting affected individuals using updated tracing information, including cellphone numbers and email addresses.

Eligible debtors will be informed if a refund may be due and directed to the official NSFAS refund platform, where they will be required to complete an application form and submit verified banking details. NSFAS will then validate the information and process refunds where applicable.

The scheme said banking details must be registered in the debtor’s name and linked to their South African identity number.

NSFAS added that beneficiaries may choose to donate their refunds back to the scheme to support future students.

The scheme warned beneficiaries and former beneficiaries not to share personal or banking information with unauthorised individuals or through unofficial channels.

Mathebula said safeguarding the personal information of beneficiaries and debtors remained a priority.

“We urge all affected individuals to verify communications and engage only through official NSFAS platforms when submitting refund requests or personal details,” he said.

NSFAS said any unclaimed funds would be transferred to the National Credit Regulator and reiterated its commitment to transparency, accountability and the responsible administration of public funds.

INSIDE EDUCATION