Members of NASFUND Contributors Savings & Loan Society (NCSL) can benefit from their savings to meet education expenses.
Member Services & Branch Support Manager, Robert Thadeus, said the Education Savings Account will serve its purpose to meet education expenses only if supporting documents are provided with the application.
“Most parents and guardians lodging applications for Education Savings Withdrawal do not attach supporting documents like school fee invoice, deposit slips, confirmation letter from school accepting child or invoice/quote from stationery supplier,” Thadeus said.
“This results in applications being put on hold or declined due to no supporting documents since the withdrawals under the Education Savings Account is paid directly to the school or stationery supplier for education related purposes alone.”
One parent, Raymond Winaulin, who is also a member, has benefited from his education savings and says he found the service very reliable and beneficial to assist him with his other financial obligations.
“I had to withdraw from my education savings to assist with my daughter’s school fees which was due and put a lot of pressure on me on top of my other family responsibilities, especially during this time of the year,” said Winaulin.
He added that utilising his education savings to meet his daughter’s school fees was the option he took and that relieved him of some financial pressure.
“It was my first time to enquire about this service and the assistance provided by NCSL officer in Lihir was very helpful, which had me successfully lodging my education withdrawal application online and having it paid to the school within the service turnaround time, with the confirmation letter being received to verify that the funds were already paid directly to the school,” Winaulin said.
He further reiterated that NCSL online portal was very convenient and recommended this service to his colleagues, family and friends.
Thadeus urged members lodging educational withdrawal applications to provide all supporting documents from school/institution or stationery/uniform supplier for ease of assessment by NCSL staff to make the process easier for members’ satisfaction.
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