About the Loan
Funded by the government and administered by OCBC Bank, the MOE Tuition Fee Loan (TFL) covers up to 90% of the subsidised tuition fees payable by Singaporean students. To finance the remaining subsidised tuition fees not covered by the TFL, eligible students can apply for the MOE Study Loan (SL). TFL is interest-free during the student's course duration.
TFL does not cover the payment of annual/miscellaneous fees.
>> Click HERE - How the MOE TFL can help with your tertiary education financing
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.
Loan Amount
Up to 90% of 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 undergraduate Singaporean students.
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.
Repayment Starts
Not later than 2 years after graduation or on securing employment, whichever is earlier.
Minimum repayment amount
$100 per month
Maximum repayment period
20 years
Interest Rate
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.
| 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/loan instalment | 3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank |
* 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.
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 Bank.
(c) Repay in full if student withdraws.
Application
(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
Apply via OCBC website - FRANK x SMU Student Loan | FRANK by OCBC.
- Complete the application form accordingly before printing out the hardcopy form.
- Proceed to any of the OCBC Frank retail stores or branches with the hardcopy form and your guarantor to complete the application and signing process.
- Physical NRIC/Passport and SMU Student ID/Card and photocopies of each identification required for verfication purposes (Freshmen who have not collected SMU Student ID/Card may provide Enrolment Status Letter as proof of admission, by requesting for the letter via OASIS > Home > Finance & Admin > Certification & Personal Info > Enrolment Letter & Academic Summary).
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 OCBC FRANK Retail Stores or Branches for enquiries relating to Tuition Fee Loan and/or application status.
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
