By | July 23, 2021

How to Pay the Namibia Students Financial Assistance Fund (NSFAF) Loans

Honor your obligation today by paying back your loan and enable NSFAF to continue funding a brighter and educated Namibia.

What is a student 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.

The Fund is entitled to demand repayment of the loan from the debtor:
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.

What are the methods of repayment?

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
How do I provide proof of payment?
A proof of payment should be submitted to the NSFAF Recovery Division or e-mail at: and you will be issued with your updated debtor’s account statement.

How do I pay my loan from abroad?

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:

Do students have to pay the money back after completing their studies?

Yes, if it was a loan. For the Income Contingent Loan, the repayments start when the individual is employed. By paying back your NSFAF study loan, you are assisting someone else who needs it just as much as you did.

When am I expected to repay my student loan?

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

What is the process of paying back a loan?

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

How often do you send Loan statement?

Statements are send via emails once each month.

What are the modes of repayment?

Direct Bank Deposits
Salary Deductions
Electronic Funds Transfer
Debit Orders

Account Name: NSFAF
Account number: 800 484 589 4
Branch Code: 482 172
Bank Name: Bank Windhoek

How do I pay my loan from abroad?

If the beneficiary resides abroad, he/she can pay by Electronic Funds Transfer into NSFAF Recovery Account and email proof of payments to the respective consultant dealing with his or her account.

What happens if I default?

The loan is charged a compounded interest. Therefore when one defaults they suffer a compound interest charged on the account.

Can you clear in one installment?

Yes, One can make the loan settlement at an installment procedure.

Does NSFAF charge ledger fees?

There are no ledger fees charged on all NSFAF student loans.

Can I repay my loan in one installment?

Yes, one can repay the loan in one installment. A Loan Redeemed Certificate will be issued to the debtor.

What happens after clearing my loan?
Once the loan is fully settled, you will be issued with the Loan Redeemed Certificate of Loan Clearance.

How do you determine the monthly deduction rate?

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.

What happens if I do not pay back my loan?

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.

How do I get more information on my repayment options?

You can contact our recovery division on 061 420 647 or email for further details.

What happens when I clear my loan?

You will be issued with a Redeemed Letter/ certificate of clearance.

What happens if I overpay?

NSFAF will refund the amount overpaid by the debtor.

What happens if I die during my repayment process?

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.

What happens if I change employers?

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.

Loans are not recoverable after six years. Is it applicable in your case?

Loans are recoverable as long as the debtor did not raise a case of prescription.

The Prescription Act states 15 years in respect of any debt owed to the state and arising out of an advance or loan of money from the date the loan become payable. Any other loan of money prescribes after 3 years.

How do you determine the monthly deduction rate?

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.

Does my employer need authority from me to make loan deductions?

Yes, your employer can only do deductions with the consent of the employee.

My employer stopped deductions from my pay what do I do in this case?

Loan repayment is your responsibility. Please keep track of your repayment until completion.

When am I eligible to apply for suspensions of loan repayment?

  • 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.

More Details Here



For more information: Contact Us at

746 Eros Road
P.O Box 23053
Windhoek, Namibia