MOE Study Loan

Funded by the government, eligibility assessed by SMU and administered by OCBC Bank, the MOE Study Loan (SL) is available to students who have concurrently taken up the MOE Tuition Fee Loan, the CPF Education Loan Scheme, a scholarship/fellowship/study grant/study award, a tuition fee subsidy/loan from a registered government agency or a combination of all for the payment of tuition fees in part or in full.

Note:
The loan does not cover the payment of annual/miscellaneous fees.

(a)  All full-time undergraduate students who must concurrently hold the MOE Tuition Fee Loan and/or CPF Education Loan Scheme and/or scholarship/grant and/or a fee subsidy/loan from a registered government agency or a combination of all for the payment of tuition fees in part or in full.

(b)  Monthly per capita (average) household income of:

• Tier 1 (SC/SPR): no more than $950, students may borrow to the maximum quantum as specified in Tier 1 above.
• Tier 2 (SC/SPR): between $951 and $2,700, students may borrow to the maximum of the quantum as specified in Tier 2 above.
• (FS): no more than $1,200, students may borrow to the maximum quantum as specified in Tier 2 above.

(c)  Not applicable to postgraduate and full-fee paying undergraduate students.

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 Singaporean students.

(a)  Must be between the ages of 21 and 60 years old
(b)  Must not be an undischarged bankrupt
(c)  May not serve in this capacity for more than two outstanding student loans, including this loan
(d)  Must be a Singapore citizen for an applicant who is a Singapore citizen
(e)  Can be either a Singapore citizen or a permanent resident for an applicant who is a Singapore permanent resident
(f)  Can be of any nationality for an applicant who is a non-Singaporean

6 months after graduation or on securing employment, whichever is earlier.

$100 per month

SC/SPR with monthly per capita household income of no more than $950: 5 years

Others: 20 years

SC/SPR with monthly per capita household income of no more than $950: Interest-free

Others: The following interest rates will be applicable to all new Government education loan (ie. Tuition Fee Loan, Study Loan, Overseas Student Programme Loan) agreements signed on and after 1 April 2024.

* not applicable to interest-free Study Loan               

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.

(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

(a)  Application Dates

Tuition fees financing for course duration commencing (one-time application):

• AY2024/2025 Term 1 - Window 1: May to September 2024
• AY2024/2025 Term 2 - Window 2: December 2024 to February 2025

(b)  Application Submission

Applications are to be submitted to SMU before proceeding to any of the OCBC FRANK retail stores or branches to complete the application and signing process after receiving Letter of In-Principle Approval from SMU:

• Apply via student portal, OASIS > Self-service App > Financial Aid Application, using student computer account username and password.

>> Click HERE for application instructions

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 OCBC FRANK Retail Stores or Branches for enquiries relating to application status after your loan signing process is completed.

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

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.