12-month grace period for defaulters.edited
12-month grace period for defaulters.edited

NSFAF grants interest-free grace period

Elizabeth Joseph
The Namibia Students Financial Assistance Fund (NSFAF) says it will run a one-year amnesty campaign from today, 1 July, to 30 June 2023, during which beneficiaries are allowed to repay their primary loan amounts while all interest is waved.

The fund announced this yesterday and highlighted the importance of loan repayments.

NSFAF acting CEO, Kennedy Kandume said that the government is well aware that most beneficiaries are struggling to repay their loans.

"In order to provide relief, the president announced this idea. The modalities that were mentioned by the head of state include waving the interests on all debt from Friday," he said.

Kandume told beneficiaries that once their debt - equivalent to the principal amount loaned - is paid within the grace period, it will be considered fully paid.

Clean slate

The public was urged to welcome this opportunity with open arms. Fund officials underlined that as of next year, at the end of the amnesty period, new interest will start to accumulate.

Previous interest on the loans will be written off, allowing beneficiaries to start off with a clean slate.

The total amount owed to NSFAF, at the moment, stands at N$7.8 billion.

Kandume encouraged beneficiaries to use the opportunity to repay their loans and to create an equal opportunity for fellow Namibians.

The public can engage the fund at [email protected] for further information.

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Namibian Sun 2022-11-27

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