NCSL wants paperwork for study withdrawals

NASFUND Contributors Savings and Loan Society (NCSL) members can benefit from their savings to meet education expenses.
Member services and branch support manager Robert Thadeus said the education savings account served its purpose to meet education expenses only if supporting documents were 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,” he 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 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 were due and put a lot of pressure on me on top of my other family responsibilities.” he said.
Winaulin said utilising his education savings was the option he took and that relieved him of some financial pressure.