MOE Study Loan (to be replaced by Higher Education Student Loan from 1 July 2026)

The MOE Study Loan (SL) will be replaced by the Higher Education Student Loan (HESL) from 1 July 2026. Find out more about the HESL.

Existing students who have already taken up SL will continue to receive their current loan provisions.

Funded by the government and administered by SMU, the SL is available to students who are using the MOE Tuition Fee Loan, the CPF Education Loan Scheme, or other approved funding schemes to pay their tuition fees, in part or in full. The SL is interest-free during the students' course of study.

The SL does not cover the payment of annual/miscellaneous fees.

Tier 1: Up to 20% of subsidised tuition fees payable by undergraduate Singaporean students and $3,600 annual living allowance.

Tier 2: Up to 10% of subsidised tuition fees payable by undergraduate Singaporean students and $3,600 annual living allowance.

Note:
(a)  The quantum of loan does not include payment of annual/miscellaneous fees.
(b)  The quantum of loan is pegged to the subsidised tuition fees payable by undergraduate Singaporean students.

(a)  Interest-free during course of study, ie interest is computed upon graduation.
(b)  Interest and loan sum are paid to OCBC Bank.
(c)  Repay in full if student withdraws.

SL is interest-free during course of study, and interest will start upon your graduation or when you leave the institution. 

Upon graduation or withdrawal, interest will be charged on the loan and start to accrue for students who graduate at the end of the following terms on the dates shown below:

• Standard interest
  3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points or such other rates as may be determined from time to time by the bank
• Late payment interest for overdue and unpaid loans or loan instalments
  3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank

The interest rates will be revised on a half-yearly basis based on the 3M SORA¹ published on the Monetary Authority of Singapore’s (MAS) website² on 1 March (for the period 1 April to 30 September) or 1 September (for the period 1 October to 31 March of the following calendar year)³. You can visit Oversea-Chinese Banking Corporation (OCBC Bank) website for the applicable interest rates on every 1 April and 1 October. 

¹ SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. The 3-month compounded SORA is the rolling compounded average of daily SORA over the past respective period.

² https://eservices.mas.gov.sg/statistics/dir/DomesticInterestRates.aspx 

³ If 1 March or 1 September falls on a weekend and/or a public holiday when the 3M SORA rates are not published by MAS, we will take the 3M SORA published on the MAS website on the last preceding business day in Singapore. For example, if 1 September is a Saturday, we will take the 3M SORA published on MAS website on 31 August.

The maximum repayment period for the SL Tier 1 (interest-free) and SL Tier 2 (with interest) is 5 and 20 years respectively.

Students must repay the loan in accordance with the terms and conditions of the loan agreement in the ways listed below:

1.    in one lump sum (i.e, full repayment)
2.    in several lump sum partial payments (minimum of $1,000 each or in multiples thereof per loan)
3.    in one or several lump sum partial payments, followed by equal monthly instalments (minimum of $100 per loan) or vice versa
4.    in equal monthly instalments (minimum of $100 per loan)

Mandatory repayment commences generally after completion of studies, not later than 6 months from the date of graduation.

If you leave the University without graduation, your SL outstanding will become due and payable in full immediately.

For updates of contact details or further queries on the MOE Tuition Fee Loan, MOE Study Loan and MOE Overseas Student Programme Loan, please contact OCBC directly.

For students who receive multiple financial aid sources for the payment of tuition fees, the disbursement sequence will be in the following order of priority:
(a)    MENDAKI Tertiary Tuition Fee Subsidy (TTFS)
(b)    Scholarship/Bursary (per gift agreement)
(c)    SkillsFuture Credit
(d)    Post-Secondary Education Account (PSEA) Scheme
(e)    Central Provident Fund Education Loan (CPFEL)
(f)     Student Loans*
         •    Tuition Fee Loan
         •    Study Loan
         •    Study Loan Living Allowance
*If your tuition fee is already fully covered by a Scholarship/Bursary, MENDAKI TTFS, PSEA and CPFEL, the TFL and SL will not be disbursed.

Note: Tuition Fee Loan and Study Loan application period closed on 28 February 2026. 

Higher Education Student Loan (HESL) scheme will be implemented from 1 July 2026.  More details here.

Office of Finance
Singapore Management University
81 Victoria Street
Singapore 188065

>> Click HERE to submit enquiry to Office of Finance
 

Contact OCBC FRANK Retail Stores or Branches for enquiries relating to application status after your loan signing process is completed, and your loan repayment plan prior to/upon your completion of studies.

Tel: 1800 363 3333 (within Singapore)
       +65 6363 3333 (outside Singapore)

Contact Office of Finance for enquiries relating to the following:

- Post-Secondary Education Account
- CPF Education Loan Scheme
- Mendaki Tertiary Tuition Fee Subsidy Scheme

>> Click HERE to submit enquiry to Office of Finance

Financial aid schemes for undergraduates:

Centre for Student Financial Assistance
Office of Admissions and Financial Assistance
Singapore Management University
SMU Li Ka Shing Library, #B1-22/23 (Beside SMU Campus Clinic)
70 Stamford Road, Singapore 178901
Singapore 188065

Email: finasst@smu.edu.sg

Acronyms used: SC - Singapore Citizen; SPR - Singapore Permanent Resident; IS - International Student

** The interest rate is subject to change.