Tuition Fee Financing Loan Schemes

TUITION FEES FINANCING SCHEMES

MOE Tuition Fee Loan

Apply via OCBC Bank

(with effect from 24 January 2024)

MOE Study Loan

Apply via SMU OASIS for eligibility assessment

CPF Education Loan Scheme

Loan Amount

Up to 90% of subsidised tuition fees payable by undergraduate Singaporean students.

>> Click HERE - How TFL can help with your tertiary education financing

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.

Up to 100% of government subsidised tuition fee payable by undergraduate students.

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.

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.

Note:
The quantum of loan does not include payment of annual/miscellaneous fees.

Eligibility

(a)  All full-time undergraduate students.
(b)  Full-fee paying undergraduate students are not eligible.
(c)  Please refer to the application form for other categories of undergraduate students who are not eligible.

(a)  All full-time undergraduate students who must concurrently hold the 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, of at least 90% of the tuition fee.

(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.

All full-time undergraduate students can use their own CPF savings, their spouses' and their parents' (including step-parents') CPF savings.

>> Click HERE for eligibility.

Guarantor

(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

(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

Guarantor is not required if the student is a SC/SPR.

Guarantor is required if the student is not a SC/SPR.

Repayment starts

Not later than 2 years after graduation or on securing employment, whichever is earlier.

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

Not later than 1 year after graduation.

Min repayment amount

$100 per month

$100 per month

$100 per month (for outstanding amount of up to $10,000)

Max repayment period

20 years

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

Others: 20 years

12 years

Interest rate

3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5%**

** The interest rate is subject to change on a half-yearly basis based on the 3M SORA published on the MAS website on 1 March or 1 September.

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

Others: 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5%**

** The interest rate is subject to change on a half-yearly basis based on the 3M SORA published on the MAS website on 1 March or 1 September.

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-free during course of study, ie interest is computed upon graduation.

(b)  Interest and loan sum are paid to OCBC.

(c)  Repay in full if student withdraws

(a)  Interest-free during course of study, ie interest is computed upon graduation.

(b)  Interest and loan sum are paid to OCBC.

(c)  Repay in full if student withdraws

(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 loan of $3,600 (per annum) for living expenses under the Study Loan Scheme. Please refer to the Study Loan column on this page for the details.

Acronyms used: SC - Singapore Citizen; SPR - Singapore Permanent Resident; FS - Foreign Student
** The interest rate is subject to change.