NSFAF loan defaulters missing amnesty chance
The Namibia Students Financial Assistance Fund (NSFAF) claims thousands of loan beneficiaries who owe the fund money are not taking full advantage of the amnesty provided to settle their debts.
The fund said in addition that its amnesty period for the interest accumulated, which started in June this year, has not been fully taken advantage of. The fund’s acting CEO, Kennedy Kandume, said payments have not been flowing in at the desired pace.
"This gesture has resulted in N$2.6 billion in interest completely waivered. For some reason, Namibians are not taking this opportunity. The figure has increased slower than that of last year. We think people misunderstand what it means to have interest waivered," Kandume told the media during a briefing this week.
Missed chances
Students who have current loans with NSFAF have the opportunity to pay only their principal amount owed without interest until July 2023; thereafter, full interest will continue to accumulate.
Kandume said Namibians need to be pushed, and the fund will explore all options, including legal action.
"The litigation process is still ongoing; it's taking longer, and the debtors are playing cat and mouse. It's very disappointing. We thought Namibians would be coming forward and taking full advantage of this opportunity."
Assistance
Kandume maintained that since the tabling of the country's annual budget earlier this year, the fund has not received a "single cent" of the N$1.4 billion for the financial year 2022/2023.
He says that this is due to processes that have to be followed by the government.
"The recent activities in parliament have had a big effect on the lives of students and our service to them. Until it is signed into law, there is nothing we can do," he said.
Since 2018, a total number of 70 233 students were provided with financial assistance to the tune of N$6.99 billion.
NSFAF said this is a "clear demonstration that the government is committed to education and training," in particular tertiary education, including technical and vocational education.
"It is expected that 17 885 applicants will meet the funding requirement for the 2023 academic year, which will be an addition to the 27 407 students continuing their education.
The fund said in addition that its amnesty period for the interest accumulated, which started in June this year, has not been fully taken advantage of. The fund’s acting CEO, Kennedy Kandume, said payments have not been flowing in at the desired pace.
"This gesture has resulted in N$2.6 billion in interest completely waivered. For some reason, Namibians are not taking this opportunity. The figure has increased slower than that of last year. We think people misunderstand what it means to have interest waivered," Kandume told the media during a briefing this week.
Missed chances
Students who have current loans with NSFAF have the opportunity to pay only their principal amount owed without interest until July 2023; thereafter, full interest will continue to accumulate.
Kandume said Namibians need to be pushed, and the fund will explore all options, including legal action.
"The litigation process is still ongoing; it's taking longer, and the debtors are playing cat and mouse. It's very disappointing. We thought Namibians would be coming forward and taking full advantage of this opportunity."
Assistance
Kandume maintained that since the tabling of the country's annual budget earlier this year, the fund has not received a "single cent" of the N$1.4 billion for the financial year 2022/2023.
He says that this is due to processes that have to be followed by the government.
"The recent activities in parliament have had a big effect on the lives of students and our service to them. Until it is signed into law, there is nothing we can do," he said.
Since 2018, a total number of 70 233 students were provided with financial assistance to the tune of N$6.99 billion.
NSFAF said this is a "clear demonstration that the government is committed to education and training," in particular tertiary education, including technical and vocational education.
"It is expected that 17 885 applicants will meet the funding requirement for the 2023 academic year, which will be an addition to the 27 407 students continuing their education.
Comments
Namibian Sun
No comments have been left on this article