EDUCATION
Financial sector staff slow to repay student loans
An estimated 17,000 employees at one financial services firm owe the National Student Financial Aid Scheme (NSFAS) more than R500m. On Tuesday the NSFAS said it had been struggling to retrieve student loans from many private sector employees who had been employed for a long time. The fund provides financial aid for needy tertiary students. The NSFAS requires of beneficiaries to start repayment once they earn R30,000 a year. Acting NSFAS CEO Lerato Nage said more than R390m had been recovered in 2016 but there had been challenges with repayments by graduates. NSFAS spokesman Kagisho Mamabolo said debtors with private sector jobs were not coming to the table, particularly in the financial services sector. One company in this sector employed more than 17,000 NSFAS debtors, he said. The NSFAS had furnished the company’s CEO and human resources executives with a list of employees traced on the tax authority’s database who were in their employ. Once feedback was received the NSFAS would p...
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