As one of South Africa’s foremost providers of education finance, Eduloan wants to do much more than simply giving students access to funds.
The aim is to actively encourage a culture of financial discipline, to make sure students use the study funds available to them responsibly and in the manner intended by bursars or sponsors.
Eduloan provides a solution – the Eduxtras card - that enables students or employees to purchase items at their place of employment or on and off campus, without having to use cash or a bank card.
Theft is a major reality nowadays and it is the responsibility of an educational institution or employer to protect students and/or employees. In addition, institution staff are placed at risk during high intake times such as registration and exams. The Eduxstras cash card reduces the risk of money being stolen and enables access to funds immediately with no transactional costs to the individual.
With separate pockets for all essentials, employers or parents can manage a budget by allocating funds to student expenses like food or study aids such as stationary or textbooks or even accommodation.
Funds in each pocket can be used only with suppliers that are set up for each category. For example, the books allowance can only be spent at contracted bookshops, and not on food. This ensures that overspending in one category does not affect students’ other commitments. To assist in budgeting and money management, real-time statements are available throughout the month.
Once the allocation has been done, cards can be used at over 200 merchants around the country, with more added all the time. Over 80 accommodation merchants have signed up, as has Pick n Pay’s network of supermarkets in the vicinity of the campuses.
The Eduxtras card offers more than convenience. For bursars, universities and FET colleges tasked with bursary administration, it also represents a significant cost saving. In order to provide the same level of service available through the card, they would need extra staff to administer monthly payments and would themselves have to vet merchants. In the case of off-campus accommodation, one larger university would facilitate transactions in excess of R80-million, with multiple merchants. The administration involved is not insignificant.
Corporates, too, benefit from the product as they know the bursary funds will be spent wisely and their students will be able to complete their studies without financial worries.
Money paid over by bursars or other sponsors is kept in a trust account and is not accessed directly by Eduloan, ensuring that the funds remain secure.
Efficient bursary fund management leads to better outcomes. At a time when we want students to concentrate on the new skills they are acquiring, it does not seem wise to burden them with financial worries. Some families end up going into further debt, through additional loans, when the initial loan or bursary amount is exhausted. Other students simply drop out.
There are no transactional costs associated with the card, and neither are bursars nor education institutions charged any fees, as the business model is based on agreements between Eduloan and merchants. But for many students and bursars, the convenience and peace of mind it provides are priceless.
Eduloan views itself as a responsible company that would like to help as many students as possible furthering not only their future careers, but also their personal finance skills. Eduloan aims to be a catalyst, an enabler that takes students from their present situation to becoming responsible and contributing South Africans.
ABOUT EDULOAN
"Education drives the nation forward. Our mission is to empower individuals to become that driving force in their own way."
Eduloan is a leading education finance specialist operating in Southern Africa. Committed to making education both affordable and accessible to all individuals looking to further their education. Since its inception in 1996 Eduloan has awarded over 720 000 study loans to the value of more than R3.7 billion and continues to help thousands across Africa unlock their true potential.
By making study finance as affordable as possible, Eduloan ensures that a large number of individuals who would otherwise not qualify for educational finance now have the means to improve their lives, the lives of their loved ones, and our nation as a whole through education. The Eduloan vision is to improve people's lives through financial access to education. Eduloan understands the real costs associated with furthering your education and offers study loan solutions that cover not only course fees, but additional expenses such as textbooks, registration fees and technology which includes laptops, tablets and other study equipment that may be associated with your studies. Eduloan also offers fund and bursary administration solutions to assist students and bursars alike in effectively managing bursary funds, training funds, CSI funds, cashless payments and class attendance of students and learnership beneficiaries.
As a registered credit service provider, Eduloan is fully committed to empowering Southern Africans through our product offering. Eduloan is a proud Broad-Based Black Economic Empowerment (BBBEE) Level 2 contributor.
For more information, call Eduloan’s Client Services Department on 0860-55-55-44 or visit www.eduloan.co.za. Follow us on Twitter/EduloanSA and Facebook/EduloanSA.
