13 000 students refunded on interest bungle

2013-11-04 20:04
Blade Nzimande (Picture: Sapa)

Blade Nzimande (Picture: Sapa)

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Cape Town - Less than a third of the students owed money by the National Student Financial Aid Scheme have so far been refunded, Higher Education Minister Blade Nzimande revealed on Monday.

In a written reply to a parliamentary question by Congress of the People (Cope) MP Nqaba Bhanga, Nzimande said text messages were sent to students following the discovery that thousands of them had been overcharged interest on their loans since the early 1990s.

"These campaigns were carried out during November 2011 and from August 2012 until January 2013," Nzimande said.

Since then 13 341 students were refunded.

A total of 30 951 student debtors still needed to be refunded.

As at 24 October 2013, a total amount of R37.7m had been paid out.

Nzimande announced the refunds in 2011, citing the incorrect calculation of interest on the loans.

Read more on:    cope  |  blade nzimande  |  education

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