The National Student Financial Aid Scheme (NSFAS) is embarking on a debt-collecting campaign.
Spokesperson Kagisho Mamabolo on Tuesday celebrated that the scheme has “surpassed the 3-million mark” in the number of students it has funded since its inception 25 years ago.
But‚ lamented Mamabolo‚ “most of the beneficiaries do not repay their loans when they find formal employment and earn more than R30 000 per annum”.
“NSFAS is now campaigning to find these beneficiaries to collect money owed to it‚” he said.
“The scheme is currently benefiting from the assistance of the South African Revenue Service‚ which is allowed to furnish NSFAS with non-financial information of its debtors who are in formal employment.”
Mamabolo said the PayItForward campaign will call “on all working beneficiaries to service their loans and help younger students who also need NSFAS funding to enrol for higher education”.
“Despite a challenging economic environment‚ NSFAS continues to lobby beneficiaries of its products to honour their obligations to the institution‚ in order for NSFAS to assist new students who need financial support‚” he said.
Mamabolo stressed that the “NSFAS does not collect debt for itself‚ but to commit the funds back to higher education by increasing its funding to new students‚ whose number is increasing every year”.
NSFAS partners with Sars to track ‘beneficiaries who do not repay their loans’
Spokesperson Kagisho Mamabolo on Tuesday celebrated that the scheme has “surpassed the 3-million mark” in the number of students it has funded since its inception 25 years ago.
But‚ lamented Mamabolo‚ “most of the beneficiaries do not repay their loans when they find formal employment and earn more than R30 000 per annum”.
“NSFAS is now campaigning to find these beneficiaries to collect money owed to it‚” he said.
“The scheme is currently benefiting from the assistance of the South African Revenue Service‚ which is allowed to furnish NSFAS with non-financial information of its debtors who are in formal employment.”
Mamabolo said the PayItForward campaign will call “on all working beneficiaries to service their loans and help younger students who also need NSFAS funding to enrol for higher education”.
“Despite a challenging economic environment‚ NSFAS continues to lobby beneficiaries of its products to honour their obligations to the institution‚ in order for NSFAS to assist new students who need financial support‚” he said.
Mamabolo stressed that the “NSFAS does not collect debt for itself‚ but to commit the funds back to higher education by increasing its funding to new students‚ whose number is increasing every year”.
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