About the Loan
The CPF Education Loan Scheme is a loan scheme which allows the undergraduate student to use his/her Ordinary Account (OA) savings to pay for his/her, children’s or spouse’s up to 100% of government subsidised tuition fees.
Note:
The loan does not cover the payment of annual/miscellaneous fees.
Eligibility
All full-time undergraduate students can use their own OA savings, their spouses' and their parents' (including step-parents') CPF savings.
>> Click HERE for eligibility.
Guarantor
If student is an:
- SC/SPR - Guarantor is not required
- Not an SC/SPR - Guarantor is required
Repayment starts
Not later than 1 year after graduation.
Minimum repayment amount
$100 per month (for outstanding amount of up to $10,000)
Maximum repayment period
12 years
Interest rate
Prevailing CPF interest rate
(currently at 2.5% per annum)**
(a) Interest is computed from the date of withdrawal, ie as soon as school starts.
(b) Interest and loan sum are paid back to the member's CPF account.
(c) The withdrawal limit is 40% of the balance in CPF Ordinary Account including amounts withdrawn for education and investments.
Points to note
(a) Interest is computed from the date of withdrawal, ie as soon as school starts.
(b) Interest and loan sum are paid back to the member's CPF account.
(c) The withdrawal limit is 40% of the balance in CPF Ordinary Account including amounts withdrawn for education and investments.
(d) Needy students (subject to meeting the eligibility criteria) can also apply for a cash loan of $3,600 (per annum) for living expenses under the Study Loan Scheme.
Application
(a) Application Dates (by CPF Board)
Apply once only. Financing of subsidised tuition fees shall commence from approved term till the end of subsidised course duration.
For tuition fees financing commencing:
- Term 1: Apply between 3 July and 11 August 2024 (closed)
- Term 2: 1 November to 15 December
- Term 3: March*
* Refer to CPF Board's application schedule (click HERE) for actual application dates.
(b) Application
The applicant is the SMU student.
>> Click HERE for application instructions.
(c) Termination
Step 1: Click HERE to apply online for "Revoke use of CPF savings for education" (under the CPF Education Loan Scheme)
Step 2: Inform Office of Finance at https://ofnsupport.smu.edu.sg/hc/en-us/requests/new, selecting Financial Assistance > CPF Education Loan
Enquiries
Contact Office of Finance for enquiries relating to the following:
- Post-Secondary Education Account
- CPF Education Loan Scheme
- Mendaki Tertiary Tuition Fee Subsidy Scheme
Office of Finance
Singapore Management University
81 Victoria Street
Singapore 188065
>> Click HERE to submit enquiry to Office of Finance
Contact Centre for Student Financial Assistance for all other enquiries relating to financial aid schemes for undergraduates:
Centre for Student Financial Assistance
Office of Admissions and Financial Assistance
Singapore Management University
81 Victoria Street
Level 3 SMU Administration Building
Singapore 188065
Email: finasst@smu.edu.sg
Acronyms used: SC - Singapore Citizen; SPR - Singapore Permanent Resident; FS - Foreign Student
** The interest rate is subject to change.
