Friday, 18 August 2017
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Who can open a Fundisa Fund account?

Who can open a Fundisa Fund account?

  • Any South African citizen or permanent resident who wishes to help educate someone they care about, as long as the learner is a South African citizen and the household income of the learner’s family does not exceed R180 000 per year.
  • You do not have to be related to this learner. You can sponsor any learner you choose provided the learner’s family income does not exceed R180 000 in one year.
  • You must have a Mzansi or other transaction bank account and a green bar-coded ID book.
  • All the money you save belongs to you until it is paid over to a public college or university that is recognized by the National Student Financial Aid Scheme (NSFAS) – the government agency responsible for paying the educational institutions.
  • It is important that you do not hand over cash to anyone other than the unit trust companies or banks where you can open a Fundisa Fund account. Always make sure that you get a receipt for any cash deposit into your Fundisa Fund account.

Your chosen learner

  • Must be a South African citizen.
  • Must supply a copy of their green bar-coded ID book or birth certificate.
  • Must come from a family with a household income of R180 000 or less a year.
  • Must start studying by the time he or she is 35 years old at a public college or university that works in partnership with the National Student Financial Aid Scheme (NSFAS).
  • An investor can also open a Fundisa Fund account to save for their own tertiary education.