FAQ: Edusave and PSEA Accounts
FAQ: EDUSAVE AND PSEA ACCOUNTS
EDUSAVE ACCOUNT
Who is eligible for the Edusave Account?
Every Singaporean student at primary or secondary level in the Government or Government-aided schools (GGAS) will receive an annual contribution into his Edusave account in January of the year.
How much is my child entitled to?
Each student receives an annual Edusave contribution of $200 at primary level and $240 at secondary level. The Edusave account can be used to pay for approved fees and enrichment programmes. Under exceptional circumstances, one-off grant may also be paid into the Edusave accounts of eligible students.
How can my child make use of the money in his Edusave account?
The school will seek the parents’ consent to deduct from his Edusave account to pay for enrichment programmes organized by the school. Parents are strongly encouraged to establish Edusave Fee Standing Orders to use their children’s Edusave accounts to pay for the 2nd tier miscellaneous fees. For more details on the 2nd tier miscellaneous fees, please refer to the FAQs under School & Miscellaneous Fee.
Can my child use his Edusave account money to pay for exam fees, uniforms and textbooks?
No, he cannot. Edusave accounts are a form of Government subsidy to Singaporean students at primary and secondary levels to meet their educational expenditure. Students in all GGAS may use their Edusave accounts to pay for approved fees and charges for programmes and activities organized by the schools which contribute to enhancements in teaching and learning.
If financial assistance is required for exam fees, uniforms and textbooks, the child can approach the school to apply for financial assistance.
What will happen if my child withdraw from a programme paid by Edusave?
If a student withdraws from a programme, he may forfeit the refund because the school still needs to make payment to the programme supplier, or as a penalty to discourage wilful absence. Schools may refund to the Edusave account if there is legitimate reason for the withdrawal and the programme supplier is not charging the school.
How can I find out the balance in my child’s Edusave account?
In February each year, MOE will send the annual Edusave statement directly to all account holders. It will list all transactions from February in the previous year to January in the current year, including interest credited.
Parents can check the available balance in their account and the amount and date of the last Edusave contribution through the Edusave Phone Enquiry System at telephone number 6260 0777.
What will happen to the Edusave account balance when my child leaves school?
If your child is below 16 years old, he will continue to keep his Edusave account. Once he reaches 16 years old and is not studying in a government secondary school or junior college, his Edusave balance will be transferred to his Post-Secondary Education Account (PSEA). He can use his PSEA to pay for approved fees and charges in approved educational institutions.
POST-SECONDARY EDUCATION ACCOUNT (PSEA)
What is PSEA?
The post-secondary education account (PSEA) scheme helps parents save for their children’s post-secondary education by maintaining a Post-Secondary Education Account (PSEA) for each eligible child. This is part of the Government’s efforts to encourage every Singaporean to complete his post-secondary education. It also underscores the Government’s commitment to support families in investing in the future education of their children, and to prepare them for the economy of the future. PSEA is not a bank account. It is administered by the Ministry of Education and is opened automatically for all eligible Singaporeans.
My child is a Permanent Resident. Will he be eligible for the PSEA?
No, only Singapore citizens are eligible for the PSEA.
Why can’t my child make use of the PSEA for his educational expenses at primary, secondary and junior college levels?
PSEA is to be used for higher education which is more expensive. Education at primary, secondary and junior college level is heavily subsidized by the Government. There are financial assistance schemes, scholarships and bursaries in place to help parents with the expenses.
Why is there a need to transfer the surplus funds in the PSEA to the account holder’s CPF-Ordinary Account when he turns 30?
The PSEA is aimed at post-secondary education at the pre-employment stage, generally between 18 to 30 years of age. After age 30, it is likely that the account holder has started employment. Hence, the balance is transferred to CPF OA for other uses.