If you have succeeded in getting a job and are still playing a fast one in terms of repaying your NSFAS loans, I got news flash for you – the bursary scheme has vowed to pay your boss a surprise visit.
The National Student Financial Aid Scheme (NSFAS) has confirmed that it will be tracing most of its debtors to companies that employed them.
The bursary scheme’s spokesperson Kagisho Mamabolo, said that this strategy is a part of their recovery campaign through which they have collected over R19million from more than 19 000 debtors.
He lamented that it is quite unfair that those debtors most of whom hold senior positions in the public and private sector have seized funds that could be used to help other students achieve their academic dreams.
“NSFAS executive officer, Mr Msulwa Daca will be spending time now and then meeting with big companies that have employed most of the NSFAS beneficiaries as well as calling them directly to ask them why are they not helping out other students the same way that we helped them,” said Mamabolo.
NSFAS loans not paid amount to more than R6billion and majority of the debtors are already employed.
“Our debtors are employed both in the private and government sectors. We have a total of 109 284 debtors that are currently employed in the private sector, while 81 000 debtors are currently employed by government,” he said.
SA Revenue Services (SARS) has been helpful in this campaign to track down debtors and through their efforts, at least 190 000 (out of 247 913 total debtors) of its employed debtors have been tracked down and NSFAS will be paying them a visit soon.
“If a borrower fails to make repayments as provided in this Act (The NSFAS Act 56 of 1999, s21 (b)), his or her name may be placed by the board on any list of defaulting debtors published by any person or body whose business it is to compile and publish such lists,” said Mamabolo.
He also added that some of their debtors hid behind the excuse of affordability as the reason for owing, while others say they have not been receiving statements.
Debtors are obligated to start making efforts to repay their NSFAS loans as soon as they start earning more than R30 000 per annum, about R2500 a month.