EDUSAVE Balance: A Guide to Checking in 2023

Introduction

EDUSAVE is a savings scheme for primary and secondary school students in Singapore. It was launched in 1993 to encourage saving among young people. The scheme is managed by the Central Provident Fund (CPF) Board.

Why is Checking Your EDUSAVE Balance Important?

It is important to check your EDUSAVE balance regularly to:

• Track your savings progress
• Ensure that you are receiving the correct amount of government contributions
• Plan for future educational expenses

How to Check Your EDUSAVE Balance

There are several ways to check your EDUSAVE balance:

• Online: Log in to your CPF account at www.cpf.gov.sg
• Phone: Call the CPF Contact Centre at 1800-227-1188
• Mail: Submit a request form to the CPF Board

What You Need to Know About EDUSAVE

Here are some key things to know about EDUSAVE:

• Eligibility: All Singaporean citizens and permanent residents enrolled in primary or secondary school are eligible for EDUSAVE.
• Contributions: The government contributes to EDUSAVE on a dollar-for-dollar basis, up to a maximum of S$360 per year (S$180 for Primary 1 and 2 students).
• Matching Grant: Students who save at least S$360 per year in EDUSAVE are eligible for a matching grant of up to S$360 per year.
• Withdrawal: EDUSAVE funds can be withdrawn for approved educational expenses, such as school fees, tuition, and transportation.

Benefits of EDUSAVE

EDUSAVE offers several benefits to students:

• Encourages saving: The scheme encourages students to save money on a regular basis.
• Provides financial assistance: EDUSAVE funds can help students to pay for educational expenses.
• Promotes educational attainment: The scheme helps to promote educational attainment by making it easier for students to access higher education.

Stories and Lessons Learned

Story 1:

Sarah is a primary school student who saves S$50 per month in EDUSAVE. She has been doing this since she was in Primary 1. By the time she graduates from secondary school, she will have accumulated over S$6,000 in her EDUSAVE account. This money will help her to pay for her tuition fees in university.

Lesson: It is important to start saving early. Even small amounts of money can add up over time.

Story 2:

John is a secondary school student who did not save much money in EDUSAVE when he was younger. He now regrets this decision. He is struggling to pay for his tuition fees in university and has had to take out a student loan.

Lesson: It is important to make use of the EDUSAVE scheme while you are eligible. The money you save now can help you to avoid financial difficulties in the future.

Story 3:

Mary is a university student who has been using her EDUSAVE funds to pay for her tuition fees. She is grateful for the scheme, which has helped her to reduce her financial burden.

Lesson: EDUSAVE can be a valuable resource for university students. The funds can help to cover the cost of tuition fees, books, and other expenses.

FAQs

1. How often should I check my EDUSAVE balance?

It is recommended to check your EDUSAVE balance once a year.

2. What if I have not received the correct amount of government contributions?

You should contact the CPF Board to inquire about the discrepancy.

3. Can I withdraw EDUSAVE funds for non-educational expenses?

No, EDUSAVE funds can only be withdrawn for approved educational expenses.

4. What happens to my EDUSAVE funds after I graduate from secondary school?

Your EDUSAVE funds will be transferred to your CPF Ordinary Account.

5. Can I continue to save in EDUSAVE after I graduate from secondary school?

Yes, you can continue to save in EDUSAVE after you graduate from secondary school. However, the government will no longer contribute to your account.

6. How can I use my EDUSAVE funds to pay for university fees?

You can use your EDUSAVE funds to pay for university fees by submitting a request form to the CPF Board.

Call to Action

If you are a student in Singapore, it is important to check your EDUSAVE balance regularly. The scheme can help you to save money for your future education.

Tables

Table 1: EDUSAVE Contribution Limits

Table 2: EDUSAVE Matching Grant

Table 3: EDUSAVE Withdrawal Limits