Last updated on September 28th, 2022 at 11:07 pm
NSFAS banking details. Do you want to know the banking details for NSFAS? Are you looking for NSFAS banking details for payments of your loan? Do you want to add NSFAS banking details for salary deduction, Electronic Fund Transfer, or debit order?
Well then, you’re on the right page for all the details for NSFAS payment methods.
In this article, we’re giving you the banking details of NSFAS for your NSFAS loan repayment.
We’ll also look at some of the frequently asked questions about NSFAS bank details.
So, let’s get started with the topics.
NSFAS Banking Details
NSFAS banking details are for payments of the National Student Financial Aid Scheme (NSFAS) bursary loan. Students who are ready to repay their NSFAS loan are to pay them into the provided NSFAS bank account details.
As you knew, NSFAS funding is not free and students are expected to pay back the loan after they’ve completed their qualifications and get employment.
We have, therefore, make sure that you get to know the banking details for NSFAS loan repayment.
So, let’s see the NSFAS banking details for each of the payment methods.
Electronic Funds Transfer (EFT)
You can pay your NSFAS loan through the Electronic Funds Transfer (EFT) banking details provided by NSFAS. The banking details for NSFAS EFT payment are as follows
- Name Of Account: NSFAS
- Branch Code: 210554
- Bank: First National Bank
- Account Number: 500 600 28203
If you’re to pay your NSFAS loan by EFT, you should use the above payment details.
Salary Deduction
You can repay your NSFAS loans by salary deduction after you have gotten employment. You will have to provide the NSFAS banking details to your employer to deduct your NSFAS loans payment from your monthly salary to NSFAS.
This is one of the simple payment methods for paying back your NSFAS loans on a monthly basis because you only need to provide the NSFAS bank account details to your employer and they’ll pay to NSFAS directly, in your name or records in the NSFAS.
NSFAS Bank Account Details
Name Of Account: NSFAS
Branch Code: 210554
Bank: First National Bank
Account Number: 500 600 28203
You’ll have to use your ID Number as your reference number when making payments to NSFAS bank account details through the First National Bank NSFAS bank account.
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Debit Order
You can also pay your NSFAS loan by debit order. This helps if you don’t want to remember the NSFAS bank account details every month to make your loan repayment.
The debit order payment is automatic as long as there is money in your debit account.
With this payment method, you’ll need to complete the NSFAS Debit Order Form and submit it to the National Student Financial Aid Scheme.
Download the NSFAS debit order form HERE.
For easy record keeping, you should use one of the NSFAS banking details for your NSFAS loan repayment
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Having one NSFAS banking detail for your NSFAS loan repayment helps to keep your payment records clean and not mix up your repayments which can result in omitting some of your payment records.
How Do I Pay NSFAS Loans?
You pay your NSFAS loans through the NSFAS banking details provided by the National Student Financial Aid Scheme (NSFAS).
The payment details are the Electronic Funds Transfer (EFT), Salary Deduction, and or Debit order.
When Do I Start To Pay NSFAS?
You start to pay your National Student Financial Aid Scheme (NSFAS) loan after you get employment.
This is when you’ve completed your qualification from the university or the TVET college.
It is assumed that students are not likely to get employment. So, NSFAS does not expect students to start repaying their loans whiles they’re still in school.
However, students are expected to start paying their NSFAS loans after they’ve completed and gotten employment.
The payment is made monthly with residual payment till you finish paying your loans.
Which Bank Does NSFAS Use?
First National Bank, Standard Bank, Capitec Bank are the banks provided by the National Student Financial Aid Scheme as the banking details for NSFAS loan payment.
How Often Must I Pay My NSFAS Loan?
After you have gotten employment, you’re expected to make a monthly payment from your salary to NSFAS until you complete the payment of the total amount of the loan.
How Do You Pay NSFAS Loan Through Banking Details?
There are three ways that you can use to pay back your NSFAS loan through the NSFAS banking details.
These payments modes of your NSFAS loans are Electronic Funds Transfer (EFT), Debit Oder, and Salary Deduction.
For inquiries, www.nsfas.org.za is the webpage for NSFAS.
We do hope this article on NSFAS banking details was helpful.
You can ask your question in the comment.
