Fundi Monthly Stipend: How Much Is It?

For many South African students, securing funding to pursue higher education can be a major challenge. Fortunately, Fundi, one of South Africa's leading education finance specialists, has stepped in to help ease this financial burden for thousands of students. 

Beyond tuition loans and allowances for books, accommodation, and study tools, students often ask: Does Fundi offer a monthly stipend? And more importantly, how much is it?

This article aims to provide clarity on the Fundi monthly stipend, how much you can expect to receive, and how the system works to support students financially throughout their studies.

What Is Fundi?

Fundi is a private financial institution that offers education funding solutions to South African students. Previously known as Eduloan, Fundi provides loans and financial assistance for various education-related expenses. Their products cover tuition fees, textbooks, accommodation, transport, laptops, and even study tools.

Unlike government bursaries such as NSFAS, which are grants, Fundi operates primarily on a loan-based system. This means that recipients are expected to repay the funds borrowed, usually after completing their studies.

However, many students funded by Fundi also benefit from allowances or stipends. These are intended to help cover day-to-day living expenses during their studies.

Does Fundi Offer a Monthly Stipend?

Yes, Fundi does offer stipends in some cases. These stipends are usually part of a comprehensive funding package arranged through agreements with employers, bursary sponsors, or institutions.

 The monthly stipend is not a standard feature for every Fundi loan or funding recipient. Instead, it depends on the specific funding agreement between Fundi, the sponsor (such as a company or organization), and the student.

For example, if a corporate bursary managed through Fundi includes provisions for living expenses, Fundi will administer and disburse these stipends to the student on behalf of the sponsor.

How Much Is the Fundi Monthly Stipend?

The amount students receive as a monthly stipend through Fundi varies. There is no fixed amount, and stipends can differ based on the following factors:

Sponsor Agreement: Some bursary sponsors allocate specific amounts for living expenses. For instance, a company might decide to provide a monthly stipend of R2,000, R3,500, or even more, depending on their budget and the student’s needs.

Student’s Circumstances: If you are living on-campus with accommodation paid, your monthly stipend might be lower than a student who needs to pay for rent and meals off-campus.

Study Programme and Institution: Certain fields of study or universities may have different cost implications. Some bursary sponsors take this into account when setting monthly stipends.

What Does the Fundi Stipend Cover?

The purpose of the monthly stipend is to support students with essential living expenses during their studies. It typically covers:

• Food and groceries
• Transport costs (commuting to campus, attending practical training, etc.)
• Toiletries and personal care
• Data and airtime for study purposes
• Basic clothing

In some instances, the stipend may be intended to cover additional costs such as internet access, equipment for studies, or extracurricular academic activities.

How Are Stipends Paid Out by Fundi?

Fundi uses their proprietary FundiCard system to disburse stipends and allowances. A FundiCard works like a debit card and is accepted at selected retailers, accommodation providers, and service points.

Once the stipend is approved, the funds are loaded onto the student’s FundiCard each month. Students can use the card to withdraw cash (where allowed), purchase groceries, or pay for other essentials. However, it’s important to note that Fundi places restrictions on what and where the card can be used, ensuring funds are spent on approved goods and services only.

The disbursement dates vary depending on the agreement with the bursary sponsor or employer, but typically, monthly stipends are loaded at the beginning or middle of each month.

Who Qualifies for a Fundi Monthly Stipend?

Not every Fundi loan recipient qualifies for a monthly stipend. As mentioned earlier, stipends are usually tied to bursary packages managed through Fundi on behalf of employers or organizations. If you applied for a standard tuition loan directly with Fundi, you will likely not receive a stipend.

The types of students who may qualify for a Fundi monthly stipend include:

• Students funded through corporate bursaries managed by Fundi.
• Students receiving funding from government departments that use Fundi as an administrator.
• Students whose bursary or sponsorship agreement specifically includes living allowances.

If you are unsure whether your funding includes a stipend, it’s best to check your funding agreement or contact Fundi directly.

Conclusion

The Fundi monthly stipend can be a vital source of financial support for South African students pursuing higher education. However, it’s important to understand that stipend amounts vary, and not every Fundi-funded student receives one.

For students whose bursaries or sponsorships include a monthly stipend, Fundi ensures the funds are disbursed efficiently through their FundiCard system. Depending on the sponsor and circumstances, monthly stipends usually range from R1,500 to R5,000, aimed at covering day-to-day living expenses like food, transport, and personal care.

For more information or to check your stipend status, you can contact Fundi directly or visit their website.

Contact Fundi:

• Website: www.fundi.co.za
• Call Centre: 0860 55 55 44
• Email: [email protected]