Don’t let your outstanding study fees keep at you up at night

If you are struggling with outstanding study fees at your institution do not despair.  Students on average struggle with paying their study fees as well as entertaining their busy student lifestyles due to the fact that they usually have little or no income at all.

Although receiving those threatening SMS’s at the end of every week or month might cause feelings of fear and despair, don’t give up hope help might be easier to access than you think.

The best way to deal with debt is to be aware of the problem and to manage it so that you are in control.

Here are a few tips to help you gain control.

Don’t stress,

As the only education finance specialist in the country Eduloan wants to help you tie those loose ends.  All you need to do is, go on to our website: www.eduloan.co.za and fill out an application form.  You might also consider going to an Eduloan office situated conveniently for you on campus to find out what other choices you have in this regard.

Ignoring those letters wont make the problem go away

Your debt won’t just go away and if you choose to ignore the problem it will only get worse.  The best way to deal with debt is to deal with it head on, know how much you owe and correspond with those you owe informing them of your current situation. Keep copy of these emails and written letters.

Double your income

Most of the time your student loan / grant won’t cover all your expenses.  Apply for a waiter job or something that will secure another source of income.

Budgeting

Most of the time, working on a budget will entitle you to distribute your money accurately and help you not go without the essentials.

Advice is always welcome

Speak to our Eduloan client services agents right on campus for some sound advice.

Never give up!

Giving up will mean that your debt has gained control of you and your life and this will only make things worse for you and those around you.  Pay those that need paying or try your best at persuading them to accept the offer that you can make.

As the leading education finance specialist, Eduloan caters for all levels of tuition. Whether you need to settle your outstanding balance, looking to continue your studies or if you are already working and hope to improve your skills, we have a study loan solution for you. Visit our website for more information or SMS “edu” to 32150 & we’ll call you back! (SMS charged at R1).

The Eduxtras Cashless Card: 4 Reasons You Should Get Your Hands On The Card That Helps You Manage Your Study Funds!

Stay focused on your studies... not on the management of your bursary funds. At Eduloan we want to make funding your education as easy as possible!  Your Eduxtras card gives you easy access to your bursary funds which are loaded into pockets for accommodation, books, study-related equipment, food and tuition. We take a look at 4 reasons why you should consider getting your hands on an Eduxtras card:

Reason #1 – It’s Secure

Because the money is transferred into your account and you only use your cashless card to access these funds, you do not have to be worried about having large sums of money in your pocket to pay for your accommodation or textbooks. Should you lose your card or if it gets stolen, it is easy to deactivate the card by calling the call canter or by using your online login.

Reason #2 – Access your account online

You can access and manage your Eduxtras cashless card by logging in on http://www.myeduxtras.co.za. On this website you will be able to manage your bursary funds by viewing your statements and banking details, request or change your PIN and report a lost or stolen card.

Reason #3 – Better Budgeting

Because your funds are kept in pockets, you can budget your monthly allowance to avoid using your food budget when you have to buy textbooks, making sure you don’t go hungry at the end of the month.

Reason #4 – On Campus Access

You can use your Eduxtras card on campus, for even more convenience. This means that you do not have to travel to be able to use your Eduxtras card! All you have to do is swipe your Eduxtras card at one of our partnered stores! Click here [L1] to view the complete list of partnered stores.

Surely you should get your hands on an Eduxtras cashless card?

For any questions about Eduxtras, our partner merchants, to find out more about the fund pockets, to report a lost or stolen card or a forgotten PIN simply call us on 0860 55 55 44. You can also email eduxtras@eduloan.co.za or visit www.eduloan.co.za for more information.

Planning (And Sticking) To Your Budget

Students are notorious for being broke or short of cash. But how can you budget that little money that you earn from your part-time and weekend baby-sitting jobs to ensure that you make it to the end of the month? This week we take a look at budgeting and how you can stick to it!

A budget is a plan that you put together to account for your income and expenses. This means that you plan your money so that your expenses do not exceed your income and that you can reach your financial goals – whether they include saving for a car or anything else. If you stick to your budget, this can be a very important tool to make sure that you get to the end of the month without having to worry about your pockets being empty at the end of the month.

Make a list of your income

Make a list of all the income you receive in a month. This includes pocket money and any other money you receive from odd part time jobs as well as from any bursars. You can also include your study loan amount, since you will have to deduct your expenses from this as well.

Plan your expenses

Make a list of all your expenses. Include your tuition fees, cost of textbooks, any study equipment you might require, your accommodation costs, the money you require for food as well as traveling expenses. You can also plan any expenses that might come about in the month like any birthday presents you might need to buy, maintenance costs on your car or even just holiday pocket money.

Split your expenses into categories

Take the list of your expenses and prioritise them. This is important because you might have to exclude something from your budget in the first month and make provision for it in the next month when you have less important things to budget for.

Once you have made your list of expenses and marked the most important ones, you can deduct your expenses from your income. Make sure that you are not in a negative balance. If you are in a negative balance, you will have to revise your expenses to ensure that you can pay for the most essential things.

Be realistic!

Try be as realistic as possible. If you are realistic, it will be much easier to stick to your budget. Check in on your spending every now and then throughout the month to make sure that you are well within budget.

You can visit our website to use our budget calculator. This will help you establish a basic budget. Remember that your budget might change from month-to-month and that you will have to keep your calendar in mind when you plan your budget.