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Eduxtras is our bursary management product for students, designed specifically to take away the stresses of managing your education bursary. On instruction from your sponsor we can allocate funds to accommodation, textbooks and even groceries every month - making sure you can budget for all the costs associated with your educational needs.
Eduxtras is a debit card system designed especially with the student in mind, making it easy and convenient to manage and budget your bursary funds. The Eduxtras card has been set up to have different independent pockets which can only be used at suppliers that are set up for each specific pocket (full list available here). The pockets are loaded by Eduloan as per instructions from the institutions or your sponsor.
When you make a purchase at a partnering supplier, money will be deducted from your bursary funds and taken out of that specific pocket. This means that overspending on certain items does not affect your ability to meet your other commitments.
Your funds can be split into different pockets. Each pocket is unique on your Eduxtras card. For example, the pockets can be utilised as follows:
- PLUS your savings account
The book allowance pocket will be loaded with funds allocated for the purchase of books and can only be used at contracted book shops.
The food allowance pocket can only be used for purchasing food at approved contracted food outlets.
The accommodation allowance pocket can only be used to pay for accommodation at contracted accommodation places as approved by the respective institutions.
The tuition allowance pocket ensures that your studies are always paid up to date and on time, avoiding additional interest and relieving you of administrative stresses.
There are no associated transactional costs applicable when using these pockets and Eduxtras will ensure that your funds are loaded into these individual pockets based on the allocation provision as provided by the institution or sponsor.
The Eduxtras can also facilitate your cash allowance being transferred to your personal bank account if required in your bursary.
You can only use funds in each pocket for that pocket's purpose. So, if you run out of funds in your food pocket, you cannot use funds from your book pocket to buy food.
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- You can check the balance of each pocket on the Eduxtras student portal here.
- The balance of your pockets will also be sms'ed to you once a month.