National Student Financial Aid Scheme Act, 1999 (Act No. 56 of 1999)Chapter 4 : Recovery of Loans21. Repayment of loans |
| 1) | Subject to this section, a loan must be repaid as provided in the loan agreement. |
| 2) | A borrower may repay a loan wholly or in part before the due date. |
| 3) | If a borrower fails to make repayments as provided in this Act, his or her name may be placed by the board on any list of defaulting debtors published by any person or body whose business it is to compile and publish such lists. |
| 4) | The name of a borrower may not be placed on a list contemplated in subsection (3) by the board unless he or she– |
| a) | has been notified by the board by registered letter addressed to his or her chosen domicilium citandi et executandi, of the failure to make repayments and of the intention of the board to act in terms of subsection (3); and |
| b) | has been afforded a reasonable opportunity to pay the arrear amount and has failed to do so. |