The Funza Lushaka Bursary Programme is a government funded scholarship programme that is aimed at training teachers in South Africa. The programme provides financial assistance to qualifying students who wish to study towards a teaching qualification at a recognised Further Education and Training (FET) institution. In order to be eligible for the bursary, applicants must meet certain requirements, which are set out on the official Funza Lushaka website. The programme has been in operation since 2001, and to date has awarded over R3 billion worth of bursaries to deserving students. The bursary pays for tuition fees, prescribed books and course-related materials, accommodation and meals, as well as living expenses. If you are interested in becoming a teacher in South Africa, the Funza Lushaka Bursary Programme is definitely something you should consider applying for. To learn more about the programme and how to apply, visit the official website below.
| Question | Answer |
|---|---|
| Form Name | Funza Lushaka Form |
| Form Length | 9 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 2 min 15 sec |
| Other names | https funza lushaka, funza lushaka printable application, funza lushaka bursary application form 2019 pdf no No Download Needed needed, lushaka |
For use by NSFAS Head Office
Acc. No.
Bursary Number
FUNZA LUSHAKA BURSARY PROGRAMME
BURSARY AGREEMENT
Being a Credit Agreement as contemplated in the National Credit Act No. 34 of 2005 ("the Credit Act")
This Agreement is to be read together with the Implementation Protocol in terms of the Intergovernmental Relations Framework Act, 2005
(No. 13 of 2005) a copy of which may be consulted by the Student on application to a Student Financial Aid Office or NSFAS.
NATIONAL STUDENT FINANCIAL AID SCHEME
(Referred to in this agreement as "NSFAS")
and
(Referred to in this agreement as "the STUDENT")
Important Note
Attach a certified copy of your South African Identity Document.
Please use black ink when completing the Loan Agreement Form.
Use of correcting fluids, (e.g. Tippex) will invalidate this Loan Agreement Form.
Any alterations must be countersigned by the student and the institution.
All pages must be initialed by the student and the institution.
About The Funza Lushaka Bursary Programme
The Department of Basic Education (DBE) has established the Funza Lushaka Bursary Programme to attract able and committed men and women into teaching by providing them with a
the benefit of their higher education. Bursars cannot choose where they will be placed. Bursars cannot apply directly to a school for a teaching position. Bursars can be placed anywhere in the province, or in the country.
Each year of service will repay one
Funza Lushaka bursaries are available to eligible South African students who choose a course of study in any of the following programmes and are preparing to teach in a designated priority area:
BEd (students in years 1, 2, 3 or 4)
BA/BSc/BCom/BTech (students with majors suitable for admission to a PGCE, which students must commit themselves to enter after graduating) PGCE with a teaching major in one of the priority areas.
The designated priority areas are:
GRADES
GRADES
NSFAS has been appointed by the Minister of Education to administer the Funza Lushaka Bursary Programme and will undertake the recovery from defaulters of the loan principal and interest in terms of this Agreement. It is of great importance that loans are repaid as soon as possible. A rate of interest is charged which is sufficient to preserve the value of the loan funds, with due regard to inflation.
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Student Initial |
Institution Initial |
Schedule of Particulars
1.PARTICULARS OF STUDENT:
Surname |
Maiden surname, if applicable |
First names |
Identity Number |
Title
Date of Birth |
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Male
Number
Number
Female
Postal Code
Cell phone
Postal Code
Cell phone
2.PARTICULARS OF NEXT OF KIN:
Surname
Relationship (mother, father, brother, sister etc.)
Initials
Title
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Area Code |
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3.PARTICULARS OF HIGHER EDUCATION INSTITUTION:
Name of Institution
Course of study(B Science, B Commerce, PGCE, etc
Priority area subjects
Student number
Year of study (1st, 2nd, etc
At the end of this year, will you have qualified and thus be qualified to accept a teaching post
4.PARTICULARS OF NSFAS:
NSFAS's National Credit Regulator Registration No. 2655
Postal address: NSFAS, Private Bag X1, Plumstead 7801, South Africa
5. PARTICULARS OF BURSARY:
Bursary Amount (subject to Bursary Conditions)
Initial amount of Interest (if Bursary is converted to Loan
Year to which bursary applies
Postal Code
Cell phone
Yes No
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Student Initial |
Institution Initial |
6.REPAYMENT OF LOAN IN THE EVENT OF THE STUDENTDEFAULTING FROM THE BURSARY CONDITIONS:
6.1The terms on which the Bursary (if converted to a Loan) and interest must be repaid are set out in the Bursary Conditions, on the reverse of this Agreement, which form part of this Agreement and must be read as such.
6.2If a
7.CONFIRMATION OF EMPLOYMENT DETAILS: (if applicable)
Employer
Employer’s Address
Department
Contact telephone number
Employee salary number
Area code
Number
Annual salary
PERSAL Paypoint (if applicable)
I HAVE READ THE BURSARY CONDITIONS AND HEREBY AGREE TO ABIDE BY THEM.
SIGNED by the STUDENT at …………………………………………………………… on this ………………. day of ………………………….. 20…..….
AS WITNESSES
1.…………………………………………
2.……………………………………………...……………………………………………………….....
STUDENT SIGNATURE
COUNTERSIGNED by the HIGHER EDUCATION INSTITUTION at ……………………………on this …………… day of …………………..in the year 20……….
AS WITNESSES
1.…………………………………………
2. …………………………………………….. |
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Duly authorized thereto |
FOR USE BY NSFAS Head Office
ACCEPTED on behalf of NSFAS at CAPE TOWN
on this …………………………………….. day of ……………………………………………………………………in the year 20……...
AS WITNESSES
1.………………………………………………………………………………….
2.…………………………………………………………………………………. ……………………………………………………………………….
NATIONAL STUDENT FINANCIAL AID SCHEME Duly authorized thereto
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Student Initial |
Institution Initial |
BURSARY CONDITIONS
This document records the terms of a Bursary awarded by NSFAS to assist the Student to pursue the Course of Study referred to in paragraph 3 of the Schedule of Particulars, at the Higher Education Institution named in the same paragraph.
1.BURSARY AMOUNT
1.1The Bursary Amount will be paid as a credit to the Student's account with that Higher Education Institution, for the academic and residence fees, student levies and other similar costs of pursuing that Course of Study. Payment will be made to the Higher Education Institution as and when NSFAS decides.
1.2NSFAS will be entitled, if it so chooses, after this Agreement has been signed but before any part of the Bursary Amount has been paid to the Higher Education Institution, to reduce the Bursary Amount (and amend paragraph 5 of the Schedule of Particulars accordingly). NSFAS will not be obliged to notify the Student of any amendment made in terms of this clause 1.2, other than by recording the outstanding balance of the Bursary Amount from time to time in the statements sent to the Student in terms of clause 6. That reduced amount will constitute the Bursary Amount for the purposes of this Agreement.
2.SETTLEMENT OF SERVICE OBLIGATION
The Student's service obligation will be settled at the rate of one year of satisfactory employment as a public school teacher by a provincial
education
department for each year that the Bursary is awarded, and pro rata accordingly.
3.LOAN AMOUNT
If the Bursary converts to a Loan in terms of this Agreement the Loan Amount is the principal debt owed by the Student to NSFAS, as contemplated at section 101(1 )(a) of the Credit Act.
4.4. CONVERSION OF BURSARY INTO LOAN
4.1The Bursary will convert to a Loan if in the opinion of NSFAS the Student: -
4.1.1Registers for a Course of Study which is not in a designated priority area;
4.1.2Does not complete the Course of Study successfully;
4.1.3Does not apply to a provincial education department for a suitable position as a teacher in a public school;
4.1.4Does not take up a suitable position in a public school on being offered appointment by a provincial education department within Sixty (60) days of the Notice referred to in clause 11.5 of this Agreement;
4.1.5Resigns from, is dismissed by or otherwise leaves the service of a provincial education department by whom the Student is employed before completing the Student's service obligation in terms of this Agreement;
4.1.6Otherwise defaults from an obligation incurred in terms of this Agreement.
4.2Despite
4.3If the Bursary is converted to a Loan in terms of
5.CANCELLATION OF SERVICE OBLIGATION
5.1On receipt of a notice from the Student as contemplated in
5.2If the provincial education departments confirm that no such offer was made the Student's service obligation is cancelled and the Student has no further obligation under this Agreement
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Student Initial |
Institution Initial |
6.INTEREST
6.1Interest will be charged on the outstanding balance of the Loan Amount from time to time from 1 April of the year for which the loan was granted, namely the year referred to in paragraph 5 of the Schedule of Particulars.
6.2That interest will be charged at the Initial Annual Rate of Interest recorded in paragraph 5 of the Schedule of Particulars. This Rate may be varied (i.e.: increased or reduced) from time to time at the entire discretion of NSFAS. NSFAS must give the Student written notice of any new Rate no later than Thirty (30) working days after the day on which that new Rate takes effect.
6.3The interest on the Loan Amount will be compounded monthly in arrear.
6.4If the Student ought to be making repayments in terms of this Agreement, but is not, interest will be charged on arrear or unpaid amounts at the Rate contemplated in clause 6.2 above. No increased or penalty interest will be charged.
7.REPAYMENT
7.1The Student must begin repaying the Loan Amount and accrued interest in monthly instalments as soon as the Student finds employment.
7.2The amount of each instalment will be set down:
7.2.1In the scales prescribed by the Minister of Education in terms of section 27 of Act 56 of 1999 ("the NSFAS Act"), or, if there are no such scales,
7.2.2In scales drawn up by NSFAS from time to time.
7.3The scales prescribed by the Minister or drawn up by NSFAS will lay down a sliding scale of instalment payments, on the basis that: -
7.3.1The higher the Student's total annual income, the higher the monthly instalments.
7.3.2While the Student's total annual income is below the minimum level set by the Minister or NSFAS:
7.3.2.1The Student will not have to pay any instalments.
7.3.2.2Interest will, however, continue to be charged.
7.4A schedule setting out the applicable scales is obtainable from NSFAS.
7 5 While the Student's annual income is at or above the minimum level referred to in 7.3.2 above, the Student must pay the applicable monthly instalments to NSFAS, until the Loan Amount and all interest has been paid.
7.6Each monthly instalment will be a separate debt, and will become due (as contemplated in section 12(1) of the Prescription Act, 1969 (No. 68 of 1969)) only on the last day of the month in which NSFAS is entitled to demand payment of that instalment.
7.7Extinctive prescription will not run in respect of the outstanding balance of the Loan Amount or any accrued interest:
7.7.1During any period when the Student is not paying instalments because the Student's annual income is below the minimum level.
7.7.2For as long as the Student fails to notify NSFAS in writing that the Student's annual income has increased to or beyond that minimum level. Any such failure will be deemed to be a wilful act or omission preventing NSFAS from coming to know of the existence of a debt, as contemplated in section 12(2) of the Prescription Act, 1969.
7.7.3Unless NSFAS enforces any right it may acquire to demand early repayment in terms of clause 8.
7.8All instalments received will be applied by NSFAS firstly to any legal costs incurred in recovering those instalments, then to accrued interest, and finally to the outstanding balance of the Loan Amount.
8.NSFAS CAN DEMAND EARLY REPAYMENT
8.1If any of the things mentioned in clause 8.2 should happen, NSFAS will be entitled:
8.1.1To withhold payment of any or all amounts to the Higher Education Institution, and/or
8.1.2To declare that the Bursary has been converted into a Loan and to demand, by written notice to the Student that the Student must repay the whole unpaid balance of the Loan Amount and accrued interest immediately, in one lump sum.
8.2NSFAS will become entitled to act in the manner described in clause 8.1 if:
8.2.1The Student makes any dishonest or materially inaccurate statement in his/her application for a NSFAS loan.
8.2.2The Higher Education Institution, for whatever reason, refuses to register or admit the Student, or suspends or expels the Student.
8.2.3The Student receives any other financial assistance in connection with the Course of Study, unless such assistance has been duly notified in terms of
8.2.4The Student commits any breach of any term of this Agreement.
8.2.5The Student fails to progress in his/her studies to the satisfaction of NSFAS
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Student Initial |
Institution Initial |
9.EARLY SETTLEMENT AND PREPAYMENT BY THE STUDENT
9.1The Student is allowed to settle his/her debt to NSFAS at any time, without giving advance notice to NSFAS.
9.2The amount required to settle with NSFAS is:
9.2.1The unpaid balance of the Loan Amount at that time, plus
9.2.2The unpaid interest on the Loan Amount.
9.3By paying the whole of the settlement amount to NSFAS, the Student will terminate this Agreement.
9.4The Student is entitled, at any time and without notice or penalty, to prepay any amount owing to NSFAS under this Agreement, i.e.: to pay that amount even though it is not yet due or payable.
10.STATEMENTS
10.1For so long as the Student is in receipt of a Bursary NSFAS will post a Statement to the Student every Three (3) months which will, among other things, show the amount of Bursary payments made to the student over the previous Three (3) months;
10.2For so long as the Student is employed as a teacher by a provincial education department and until the Student's service obligation has been fulfilled in terms of the Bursary Conditions NSFAS will post an annual Statement to the Student which will, among other things, show the remainder of the service obligation that the Student must fulfil and the monetary equivalent of that remaining service obligation including accrued interest;
10.3If in terms of the Bursary Conditions a Student's service obligation has been fulfilled or cancelled NSFAS will post a Statement to the Student declaring that the Student has no further obligation in terms of this Agreement and the Agreement is therefore terminated.
10.4If the Bursary is converted into a Loan in terms of the Bursary Conditions NSFAS will post a Statement to the Student every Three
(3) months which will, among other things, show:
10.4.1Any payments received by NSFAS from the Student in the previous Three (3) months;
10.4.2The interest which has been charged by NSFAS over the previous Three (3) months;
10.4.3The unpaid balance of the Loan and accrued interest still owed by the Student to NSFAS.
10.5If the Bursary is converted into a Loan in terms of the Bursary Conditions NSFAS will also post a monthly statement to the Student, once the Student has commenced monthly instalment repayments.
11.STUDENT'S WARRANTIES
The Student warrants (i.e. guarantees) that:
11.1The facts stated in paragraphs 1, 2 and 3 of the Schedule of Particulars, and in the Student's Bursary application, are true and complete.
11.2The Student will at all times obey all the rules and codes of conduct of the Higher Education Institution.
11.3The Student will pursue with commitment and dedication and endeavour successfully to complete the Course of Study leading to an initial professional qualification in teaching within the minimum period.
11.4Before completing the teaching qualification the Student will apply for a suitable position as a public school teacher in a provincial education department.
11.5When the Student has successfully obtained the teaching qualification the Student will within Fourteen (14) days notify NSFAS and the provincial education department referred to in
11.6Subject to this Agreement, after successfully obtaining the teaching qualification the Student will accept an appointment as a public school teacher offered by the provincial education department referred to in
11.7If the provincial education department referred to in
an offer of appointment made by another provincial education department in terms of the Employment of Educators Act, 1998 (No. 76 of 1998).
11.8If a provincial education department has made no offer of appointment to the Student within Sixty (60) days from the date of the notice referred to in
11.9The Student will inform NSFAS immediately in writing:
11.9.1If the Higher Education Institution refuses to register or admit the Student, or expels or suspends the Student.
11.9.2If the Student receives any other financial assistance in connection with the Course of Study.
11.9.3The name, physical and postal addresses, telephone and fax numbers and
11.9.4Any change in the information at 11.9.3.
11.9.5The Student's annual gross salary.
11.9.6Any change in the Student's or
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Student Initial |
Institution Initial |
11.10Even if the Student's circumstances have not changed in any manner the Student will, whenever reasonably requested by NSFAS, send the following information to NSFAS in writing:
11.10.1The Student's current telephone number and
11.10.2Whether the Student is still studying and, if so, what institution the Student is attending, and for what Course of Study the Student is enrolled;
11.10.3Whether the Student is employed or unemployed.
11.10.4If the Student is employed, the information referred to in 11.9.3.
11.11Where the Student is allocated an email address and the use of email facilities by the Higher Education Institution at which he/she is registered, the Student will access the Funza Lushaka website (URL address http://www.funzalushaka.doe.gov.za) on a regular basis (at least once a month) to check for communication from the Department of Education.
The Department of Education will communicate with the Student using emails and SMSs. The student will ensure that any change to his/her email address or cell phone number is entered into his/her personal information on the Funza Lushaka website.
12.AUTHORITY
The Student hereby authorises the Department of Basic Education (DBE) and/or NSFAS at any time, and from time to time, to request and obtain any academic or financial information about the Student which the Department of Education (DoE) and/or NSFAS may require, whether from the Higher Education Institution or from any employer, bank or other financial institution, or from any other person, without the prior consent of the Student.
13.LEGAL PROCEEDINGS
13.1If NSFAS sues the Student to enforce payment of the Loan Amount or interest:
13.1.1A certificate signed by a duly authorised officer of NSFAS, stating the fact that payment has become due, and the amount of the Loan Amount and interest then outstanding, will be sufficient proof of those facts to enable legal proceedings (including proceedings for default judgment, summary judgment or provisional sentence) to be instituted in any court to recover those amounts.
13.1.2The Student agrees that any Magistrate's Court having jurisdiction at the Student's chosen service address, will have full jurisdiction in respect of such legal proceedings, in spite of the fact that the amount of NSFAS's claim may exceed the normal limits of that court's jurisdiction.
13.1.3The Student will be responsible for all legal costs incurred by NSFAS, namely:
13.1.3.1The fees charged by NSFAS's attorneys, on an attorney and own client basis, as agreed between the Student and NSFAS, or as taxed and allowed by the taxing master of the court in which the legal proceedings are brought.
13.1.3.2All disbursements incurred by NSFAS's attorneys, as agreed or as taxed and allowed by the relevant taxing master.
13.1.3.3Collection commission at the prescribed rate [presently Ten (10) per cent] on all amounts collected from the Student by
NSFAS's attorneys.
13. 2 The Student acknowledges that, if the Student is earning remuneration sufficient to oblige the Student to begin making repayments to NSFAS, or to oblige the Student to increase the amount of regular repayments already being made, and fails to notify NSFAS of this in any manner provided for in this Agreement :
13.2.1Although the Student will then be in breach of this Agreement, entitling NSFAS to the various remedies contemplated in it, the Student will not be in default for the purposes of section 103(5) of the Credit Act.
13.2.2Accordingly, until NSFAS becomes aware of the Student's breach, the period of "time that a consumer is in default", as contemplated in that section 103(5), will not commence.
13.2.3The Student will be afforded the protection of that section, which limits the amount of interest which may accrue while the Student is in default, only after NSFAS is informed that the Student is in default.
14.DEFAULT AND CREDIT BUREAUS
14.1If the Student fails to make repayments to NSFAS in the manner provided for in this Agreement, one option open to NSFAS is to place the Student's name on a list of defaulting debtors maintained and published by any credit bureau.
14.2If the Student fails to notify NSFAS in the manner and at the intervals referred to in clause 11.10 above, the Student will be deemed to be failing to make repayments as required by this Agreement, and NSFAS will be entitled to list the Student's name in the manner contemplated in 14.1 above.
14.3Before NSFAS lists the Student's name in terms of clause 14.1, NSFAS must send the appropriate letter to the home postal address recorded in the Schedule of Particulars. That letter must:
14.3.1Notify the Student of his/her failure to make repayments, or his/her failure to comply with clause 11.10, as the case may be.
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Student Initial |
Institution Initial |
14.3.2Give the Student Fourteen (14) days from the date of the letter to commence making repayments, to resume making repayments, or to notify NSFAS in the manner contemplated in clause 11.10, as the case may be.
14.4The Student agrees that the period of Fourteen (14) days referred to in clause 14.3.2 will afford the Student a reasonable opportunity (as contemplated in section 21 (4)(b) of the NSFAS Act) to begin or resume making repayments, or to notify NSFAS as required by clause 11.10.
14.5The credit bureau to which NSFAS will send default information concerning the Student (if applicable) is the Information Trust Corporation. The current contact details of that bureau are:
14.5.1Telephone number: 011 214 6000
14.5.2Fax number: 011214 6001
14.5.3Website: www.transunion.co.za
14.6The business of credit bureaus is to provide, to
14.7The Student is entitled, at any time and from time to time:
14.7.1To contact any credit bureau to which NSFAS refers information concerning defaulting borrowers.
14.7.2To require that credit bureau to disclose to the Student any information which NSFAS has sent to the bureau concerning the Student.
14.7.3To require the credit bureau to rectify any incorrect information kept or published by the bureau concerning the Student.
14.8If the Student is employed and is obliged to but is failing to make repayments in terms of this Agreement, a further option available to NSFAS is to compel the Student's employer (in terms of Section 23 of the NSFAS Act) to make deductions from the Student's remuneration, and pay them over to NSFAS.
14.9Another option available to NSFAS if the Student fails to make repayments in terms of this Agreement is to commence legal proceedings against the Student, as envisaged in clause 13.
15.CESSION
The Student will not be entitled to cede, assign or transfer any of his/ her rights or obligations under this Agreement without the prior written consent of NSFAS. However, NSFAS will be entitled in its entire discretion and at any time to cede, assign and transfer any or all of its rights and/or obligations under this Agreement to any natural or juristic person of its choice.
16.FORMALITIES
16.1These Bursary Conditions, as read together with the attached Schedule of Particulars and the Student's Funza Lushaka Bursary application and supporting documents, represent the entire Agreement between NSFAS and the Student. No variation of any provision of this Agreement will be effective unless it is in writing and signed by both the Student and NSFAS.
16.2NSFAS is entitled to sign this Agreement by stamping it, or by electronic signature, as NSFAS chooses.
16.3This Agreement will be presented to the Student by the Higher Education Institution which, in doing so, will be acting as the agent for
NSFAS.
17.TERMINATION OF THIS AGREEMENT BY NSFAS
17.1In terms of section 123 of the Credit Act:
17.1.1NSFAS is allowed to terminate this Agreement if the Student does not comply with it.
17.1.2If NSFAS did want to terminate this Agreement, it would have to take the steps set out in Part C of Chapter 6 of that Act.
17.2However, NSFAS will not terminate this Agreement. If the Student does not comply with this Agreement, NSFAS will enforce its rights in terms of the Agreement, rather than terminate it.
18.ADDRESSES FOR RECEIVING DOCUMENTS
18.1The Student chooses the postal home address recorded in paragraph 1 of the Schedule of Particulars as the address at which the Student will accept delivery of all statements and notices referred to in this Agreement, and all correspondence relating to it.
18.2The Student chooses the residential home address recorded in paragraph 1 of the Schedule of Particulars as the address at which the Student will accept delivery of all pleadings or other legal process in connection with this Agreement.
18.3The Student may deliver any notices or correspondence to NSFAS in terms of or relating to this Agreement to the fax number or the postal or
18.4NSFAS chooses the physical address recorded in paragraph 4 of the Schedule of Particulars as the address at which it will accept delivery of all pleadings or other legal process in connection with this Agreement.
18.5NSFAS and the Student may change their addresses (and NSFAS may change its fax number) by giving written notice of the new address or fax number, as the case may be. Any such notice may be delivered by hand, fax, registered post or
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Student Initial |
Institution Initial |
19.STATUTORY INFORMATION
On 31 May 2006 regulations were promulgated in terms of Credit Act in Government Gazette No. 28864. In this Agreement those regulations (as amended or replaced from time to time) will be referred to as "the Regulations". They oblige NSFAS to provide certain information to the Student:
19.1Complaint to the National Credit Regulator ("the Regulator")
19.1.1If the Student believes that NSFAS has contravened the Credit Act, the Student may submit a complaint to the Regulator.
19.1.2Any such complaint must be submitted in the form and manner referred to in Regulation 50.
19.2Alternative Dispute Resolution
As an alternative to submitting a complaint to the Regulator, the Student may refer an alleged contravention of the Credit Act by NSFAS to either:
19.2.1A consumer court as defined in section 1 of the Credit Act; or
19.2.2An alternative dispute resolution agent as contemplated in section 134(1 )(b)(ii) of the Credit Act, for conciliation, mediation or arbitration.
19.3Application to Tribunal
If the Student does not succeed, by way of the alternative dispute mechanism referred to above, in resolving any dispute with NSFAS concerning an alleged contravention of the Credit Act, the Student may apply for appropriate relief to the National Consumer Tribunal established in terms of section 26 of the Credit Act ("the Tribunal").
19.4
19.4.1The Student is entitled to apply to a debt counsellor to be declared
19.4.2Any such application must be made in the manner set out in Regulation 24 of the Credit Act.
19.5Contact Details of the Regulator The Regulator may be contacted at:
19.5.1Telephone: 0860 627 627
19.5.2Fax: 011 554 2860
19.5.3Website: www.ncr.org.za
19.6Contact Details of the Tribunal The Tribunal may be contacted at:
19.6.1Telephone: 012 394 1450
19.6.2Fax: 012 394 2450
COST OF CREDIT
•Loan Amount.
•Initial Annual Rate of Interest: Based on Commercial Interest Rates applicable on the date of signing this Agreement.
•The Rate of Interest may be varied (i.e.: increased or reduced) from time to time.
•T he Student is required to begin repaying the loan in monthly installments when he/she starts earning more than R 30 000 per annum. The amount of each monthly instalment depends on the level of the Student's earnings, as appears in more detail from clause 7 of the attached Bursary Conditions. Becauseit cannot be predicted what the Student will earn, or when the Student will begin earning enough to oblige the Student to begin making repayments, it cannot be predicted how many instalments will be paid, how much any instalment will be, or how long the borrower will take to repay the loan.
•Example of repayment period: If a student owes NSFAS R20 000 (with no further rebates) for the year 2007 and commences repayments in January 2008 at a rate of R378 per month (based on a monthly salary of only R5 000) and an interest rate of 7% then it will take the Student 5 years and 6 months to repay the loan.
•Deposit : Nil
•Initiation Fee : Nil
•Service Fee: Nil
•Insurance Contracts or Charges: Nil
•Default Administration Charges: Nil
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Student Initial |
Institution Initial |