Honor your obligation today by paying back your loan and enable NSFAF to continue funding a brighter and educated Namibia. Here is how to pay back your NSFAF loan.
Loan means jointly the approved Tuition Fees and Non-Tuition Fees, additional costs, bank charges, administration charges and disbursements as advanced to or paid on behalf of the Debtor by the Fund, which amount the Debtor is required to pay back to the Fund.
- Within 6 (six) months from date of expiration of the final academic year wherein he/she completed his/her studies and obtained his/ her Qualification;
- Debtor has become employed or receives an income;
- The Debtor abandons or cancels the studies for which the loan was granted, or the Debtor cancels the Loan
- The Debtor changes from the approved Institution to another or changes his/her Qualification, without prior written approval of the Fund;
- The Debtor commits any breach of the Contract;
- If the Fund is not satisfied with the Debtor’s results and cancels or withdraws the loan in terms of clause 5 (Cancellation and Withdrawal of Loan) in which case the total amount expended by the Fund will become repayable;
- In the event that the Debtor has breached this Contract prior to the death of the Debtor, repayment may be demanded from the Debtors’ estate.
- Direct Bank Deposits (Cash/Cheque Deposit)
- Salary Deductions
- Debit Orders
- Electronic Funds Transfer (EFT)
Account Name: NSFAF, Bank Name: Bank Windhoek
Account number: 800 484 589 4
Branch Code: 482 172,
Branch Name: Kudu Branch
A proof of payment should be submitted to the NSFAF Recovery Division or e-mail at: firstname.lastname@example.org and you will be issued with your updated debtor’s account statement.
If the beneficiary resides abroad, he/she can pay by Electronic Funds Transfer (EFT) directly into the NSFAF Bank Account and email proof of payments to the respective consultant dealing with his or her account or at: email@example.com.
- 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
- 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
Statements are send via emails once each month.
Electronic Funds Transfer
Account Name: NSFAF
Account number: 800 484 589 4
Branch Code: 482 172
Bank Name: Bank Windhoek
Yes, One can make the loan settlement at an installment procedure.
Yes, one can repay the loan in one installment. A Loan Redeemed Certificate will be issued to the debtor.
Once the loan is fully settled, you will be issued with the Loan Redeemed Certificate of Loan Clearance.
All repayment/s shall be made by way of equal monthly instalments in arrears on or before the 3rd (third) business day of each month, the first payment being due in the month following the month in which the Loan becomes due and payable in terms of the demand (“Due Date”) hereof;
- Unless the parties sign an addendum to the contrary, the amount of the instalments per month shall be equal to 15% of the Debtors annual earnings (gross salary less income tax and pension fund contributions), provided that the maximum period for repayment may not exceed 3 times the period over which the loan was received by the Debtor.
If a debtor fails to make payment as provided for in the Act (no.7 of 2014) and signed contract, his or her name will be placed by the Board on a list of defaulting debtors. Nothing prevents the Board from instituting legal action in a court with jurisdiction within Namibia, against a student to recover the amount due to the Fund in terms of a loan.
You can contact our recovery division on 061 420 647 or email firstname.lastname@example.org for further details.
NSFAF will refund the amount overpaid by debtor.
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.
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.
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.
- 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.