NSFAS Interest Rate on Repayment 2024-2025

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NSFAS Interest Rate on Repayment 2024/2025

NSFAS Interest Rate on Repayment 2024/2025 – Details of NSFAS Interest Rate on Repayment 2024/2025

How are NSFAS Repayments Interest Rate calculated?

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Repayments of your student loan are based on the salary that you earn, and start once your salary is R30 000 or more per year. The repayment amount starts at a calculation of 3% of your annual salary, increasing to a maximum of 8% when your salary reaches R59 300 or more per year. For example, you will repay R900 on a salary of R30 000 a year, or R75 per month. Once your annual salary reaches R59 300 your repayment will be R4 744 a year or R395 a month. You can choose to pay more than this, so that you can pay off your loan off faster, and reduce the amount of interest you will be charged on your loan.

Interest is charged at 80% of the repo rate, which is the repurchase rate at which the Reserve Bank lends to commercial banks. NSFAS will continue to charge interest on all outstanding balances, making it imperative that you start repaying your loan as soon as possible. The interest rate is set at the beginning of every financial year (April).

See Also:

NSFAS Online Application 2024-2025

NSFAS Contact Details

NSFAS Appeal 2024-2025

NSFAS Application Form 2024-2025

NSFAS Allowance 2024-2025

NSFAS Closing Date 2024-2025

NSFAS Portal 2024-2025

NSFAS Consent Form 2024-2025

NSFAS Application Status Check 2024-2025

NSFAS Application Closing Date 2024-2025

NSFAS Approved List 2024-2025