The National Student Financial Aid Scheme is hunting for former beneficiaries who overpaid their student loans and are owed refunds, some dating back more than 15 years.

The refunds relate primarily to historical loan accounts from before 2010, when interest calculation errors led some former students to pay more than they owed.

NSFAS launched its first refund campaign in November 2015 and successfully returned money to most affected individuals. However, the scheme could not locate some former debtors using the contact details available at the time.

The organisation is now making a second attempt using updated contact information obtained through approved data sources.

NSFAS administrator Professor Hlengani Mathebula said the scheme has a responsibility to return the money owed.

“NSFAS is committed to administering all financial transactions fairly, accurately and transparently. Where former beneficiaries have overpaid their loan balances, it is our responsibility to refund those amounts and ensure that affected individuals receive the funds due to them,” Mathebula said.

Any unclaimed funds will be transferred to the National Credit Regulator.

Former debtors eligible for refunds will be contacted through official NSFAS channels and guided through the refund process.

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The process requires individuals to complete a refund application form and submit verified banking details. Banking details must be in the debtor’s name and linked to their South African ID number.

NSFAS will validate the information before processing refunds. Individuals may also choose to donate their refund back to NSFAS to support future students.

Mathebula warned former beneficiaries to remain vigilant and only engage through official NSFAS platforms.

“Protecting the personal information of our beneficiaries and debtors remains a priority. We urge all affected individuals to verify communications and engage only through official NSFAS platforms when submitting refund requests or personal details,” he said.

The scheme advised people not to share personal or banking information with unauthorised individuals or through unofficial platforms.

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