The National Student Financial Aid Scheme has identified a group of former debtors who are owed money following historical interest calculation errors.
Thousands of South Africans who previously held student loans through the National Student Financial Aid Scheme (NSFAS) may be owed significant sums of money following a major administrative discovery. The scheme has officially identified a population of former beneficiaries who overpaid their study loans and are now eligible for a payout.
The National Student Financial Aid Scheme (NSFAS) confirmed on Tuesday, 2 June 2026, that it is launching a renewed effort to locate these former debtors. According to the scheme, these overpayments are largely linked to historical loan accounts from the period before 2010. While a similar refund campaign was initiated in November 2015, many eligible individuals could not be reached at the time. The scheme is now using recently obtained contact information from approved data sources to track down those who are owed money.
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NSFAS Administrator Professor Hlengani Mathebula stated that the organisation is committed to administering all financial transactions fairly and transparently. He emphasised that where former beneficiaries have overpaid their loan balances, it is the responsibility of the scheme to refund those amounts. The organisation has warned, however, that unclaimed funds will not remain with the scheme indefinitely but will eventually be transferred to the National Credit Regulator (NCR).
New tracing system targets pre-2010 loan overpayments
The refund process has been triggered specifically by historical interest calculation corrections within the NSFAS Loans Unit. The scheme has outlined a multi-step verification process to ensure the money reaches the correct individuals. This involves tracing debtors via cellphone numbers and email addresses, followed by a formal application where beneficiaries must submit verified banking details.
Crucially, the scheme noted that banking details must be in the debtor’s own name and linked to their South African ID number to prevent fraud. Professor Mathebula also highlighted a unique provision in the process: individuals who are eligible for a refund have the option to donate their overpayment back to NSFAS to support the funding of future students.
Protecting personal data amid refund rollout
While the prospect of a refund is likely to generate significant interest, the scheme is urging the public to remain cautious. Professor Mathebula emphasised that protecting personal information is a priority and urged individuals to engage only through official platforms. This warning comes as a safeguard against potential scams that often target government payout announcements.
Beneficiaries and former beneficiaries are advised not to share personal or banking information with unauthorised individuals or through unofficial platforms. The scheme maintains that it will contact eligible debtors through official communication channels and guide them on how to submit their requests.
The current administrative push follows the appointment of Professor Mathebula as Administrator on 4 May 2026. His office was established under the NSFAS Act following a gazetted decision by the Minister of Higher Education and Training, Kgwaridi Buti Manamela. This restructuring appears to be driving the current focus on resolving historical account discrepancies that have remained on the books for over a decade.
By moving these funds to the National Credit Regulator if they remain unclaimed, NSFAS is effectively clearing its balance sheet of long-standing liabilities while placing the onus on former students to claim what is theirs. The success of the campaign will depend heavily on the accuracy of the new tracing data, as previous attempts to resolve these accounts were hampered by outdated contact details for graduates who entered the workforce many years ago.
when is nsfas going to start with the applications who qualified for loans for 2026.
there is no communication or feedback or any media article and it’s impossible to get hold of them