Tuition Fee Loan

Funded by the government and administered by OCBC Bank, the 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 Study Loan (SL).  TFL is interest-free during the student's course duration.

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

(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.

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.

(a)  Must be between the ages of 21 and 60 years old.
(b)  Must not be an undischarged bankrupt nor be a student pursuing full-time education.
(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.

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

$100 per month

20 years

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

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).

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