The Fund's Head Office is located at the United Africa Group building in Gutenberg Platz, P.O. Box 23053, Windhoek, Tel: + 264 61 420 681/4, Fax: +264 61 233940, Email address: firstname.lastname@example.org (see above table for regional officers contact details)
1. Do students have to pay the money back after completing their studies? Yes, if it was a loan. For the Income Contingent Loan, the repayments start when the individual is employed. By paying back your NSFAF study loan, you are paying it so that the Fund will be able to assist someone else who needs it just as much as you did.
2. When am I expected to repay my student loan?
- The time required to start repaying is within six months of completing studies. If a student cannot find employment, it is possible to postpone repayment; in such a case, the request for postponement of repayment must be made to the Board of NSFAF in writing.
- Immediately once the beneficiary has secured employment and earning a taxable amount
- When the student has not completed their studies and thus committed breach of contract
3. What is the process of paying back a loan? The student must consult with NSFAF and provide the Fund with the following information:
- Complete contact details, indicating postal and residential addresses including actual and permanent residence;
- Details of his/her employer and employment status;
- Student's consent to the Loan/Grant agreement for loan deductions after the completion or cancellation of studies;
- Any change in contact details, employment status and details of his/her employer.
- Also Refer to NSFAF Student Loans Repayment Guide
4. How often do you send Loan statement? Statements are send via emails once each month.
5. What are the modes of repayment?
Direct Bank Deposits
Electronic Funds Transfer
- Account Name: NSFAF
- Account number: 800 484 589 4
- Branch Code: 482 172
- Bank Name: Bank Windhoek
6. How do I pay my loan from abroad? If the beneficiary resides abroad, he/she can pay by Electronic Funds Transfer into NSFAF Recovery Account and email proof of payments to the respective consultant dealing with his or her account.
7. What happens if I default? The loan is charged a compounded interest. Therefore when one defaults they suffer a compound interest charged on the account.
8. Can you clear in one instalment? Yes, One can make the loan settlement at an instalment procedure
9. Does NSFAF charge ledger fees? There are no ledger fees charged on all NSFAF student loans.
10. What happens when I clear my loan? You will be issued with a Redeemed Letter/certificate of clearance.
11. What happens if I overpay? NSFAF shall refund the overpayment.
12. What if I die before clearing my loan? NSFAF can waive the loan upon request from your next of kin. The request should be in writing and substantiated with a certified copy of the death certificate.
13. What happens if I change employers? If the beneficiary was paying through employer's deduction, a new arrangement can be made with the new employer for the salary deduction to continue. If the beneficiary was paying through other methods like direct deposit, debit orders and EFT the payment shall continue until the loan is redeemed.
14. Loans are not recoverable after six years. Is it applicable in your case? Loans are recoverable as long as the debtor did not raise a case of prescription. The Prescription Act states 15 years in respect of any debt owed to the state and arising out of an advance or loan of money from the date the loan become payable. Any other loan of money prescribes after 3 years.
15. How do you determine the monthly deduction rate? There is currently no enforcement policy for a minimum monthly deduction. However, we encourage the debtor to pay an amount covering a portion of the loan capital and interest charged per month. For example if the interest charged on an account is NAD 250, we will encourage the person to pay a minimum of NAD 500 towards loan recovery.
16. Does my employer need authority from me to make loan deductions? Yes, your employer can only do deductions with the consent of the employee.
17. My employer stopped deductions from my pay what do I do in this case? Loan repayment is your responsibility. Please keep track of your repayment until completion.
18. When am I eligible to apply for suspensions of loan repayment?
- When the debtor's annual earnings fall below a taxable income threshold.
- When the debtor becomes unemployed.
- When the debtor becomes incapacitated due to medical conditions.
- When the debtor dies.
- When debtor goes for further studies without an income.
REMEMBER: It is your legal responsibility to keep in touch with NSFAF and to inform us of any change of address.
For more information, contact us:
NSFAF Head Office
Werner List Street, Gutenberg Platz
P.O. Box 23053, WINDHOEK
+264 61 420 651/658
+264 61 233940
Email address: email@example.com