Recovered monies will be used to assist future generations of needy and deserving students gain access to tertiary education. In other words, the capital portion of loans cannot be written-off. All loans granted to needy and deserving students carry an interest charge, which is linked to the average consumer price index of the year proceeding the granting of the loan. This is done purely to preserve the value of the loan with the aim of making funding available to future generations of needy students. However, no write offs of interest are granted.
All interest is recalculated on the loan portion alone.
These details are sufficient to enable Stop orders or electronic payments. The beneficiary reference is important as it allows us to allocate the payment to the correct account. We would like to update our database with your banking details for your Stop order payment. In order to make a direct reference deposit at any First National Bank branch, fill in a direct reference deposit slip. Note that it is not necessary to have a First National Bank account to utilise this facility.