Overview of Student Loans
Loans specifically made available to deserving students so they do not miss out on learning opportunities due to unaffordability. Undergraduates may apply the student loans to help finance their tuition fees, overseas exchange programmes and even daily living expenditures. The loans are interest-free during the course of studies and repayable only after graduation (or after leaving SMU in case of pre-termination of studies before completion). It can potentially finance up to 100% of the subsidised tuition fees payable by a Singaporean Undergraduate, exchange programmes.
Loans Available
For Undergraduates
For Postgraduates
SMU does not provide student loan financing for postgraduate students. If you require financing, you may wish to obtain a personal education loan with a bank. Such loans are private arrangements between the student and the bank.
Loan Application
Tuition Fee Loan (TFL) application
TFL applications are to be submitted to OCBC Bank.
Please note that it is compulsory to indicate your SMU Student ID (e.g. 01234567) in the TFL application form, or your application will be rejected by the bank. Prospective students should apply for the TFL only after they have received their SMU Student ID/Card. Those who have not collected SMU Student ID/Card may provide a copy of the Enrolment Status Letter as proof of admission, which can be requested via OASIS > Home > Finance & Admin > Certifications & Personal Info > Enrolment Letter & Academic Summary.
Study Loan (SL) and/or Overseas Student Programme Loan (OSPL) application
Applications are to be submitted online directly to SMU.
Apply via student portal, OASIS > Self-service App > Financial Aid Application, using student computer account username and password.
To avoid delay to the processing of your application and disbursement of the funds, kindly read the application instructions carefully to follow the requirements stated therein.
Instructions on Loan Application
Guarantor Requirements
Each student loan requires a guarantor. A person acting in the capacity of guarantor must meet the following conditions:
- Must be between the ages of 21 years old and 60 years old
- Must not be an undischarged bankrupt
- May not serve in this capacity for more than two outstanding student loans, including the loan being applied for
- Must be a Singaporean for an applicant who is a Singaporean
- Can either be a Singaporean or a Singapore Permanent Resident for an applicant who is a Singapore Permanent Resident
- Can be of any nationality for an applicant who is a non-Singaporean/Singapore Permanent Resident
Application Period
| Financing Type | Financial Aid Scheme | Application Period |
|---|---|---|
| For tuition fees |
|
Tuition Fee Loan May to September 2024 for financing tuition fees starting AY2024/2025 Term 1 December 2024 to February 2025 for financing tuition fees starting AY2024/2025 Term 2 Study Loan May to September 2024 for financing tuition fees starting AY2024/2025 Term 1 December 2024 to February 2025 for financing tuition fees starting AY2024/2025 Term 2 *All applications must be submitted in the application periods stated above. |
| For living expenses | Study Loan (up to $3,600.00 annual living allowance) | |
| For financial assistance to Singaporean undergraduate students in OSPs approved by the University | Overseas Student Programme (OSP) Loan |
Applications are accepted all year round *Note: For Overseas Student Programme (OSP) Loan applicants, please submit your applications at least 2 months prior to departure |
Please take note
- Financing on Tuition Fee Loan & Study Loan takes effect from approved term till end of course duration. Students who have previously applied and granted the respective financing are not required to apply again.
- Signing of loan agreement (student and guarantor) with OCBC is required for each of the following schemes. Students approved of their applications are to ensure the relevant documents are provided to OCBC. Details are contained in the application instructions/Letter of In-Principle Approval.
- Tuition Fee Loan
- Study Loan (tuition fee only)
- Study Loan (living allowance only)
- Study Loan (tuition fee and living allowance)
- Overseas Student Programme (OSP) Loan
Loan Signing
Loan Signing Important Information
Student and guarantor are required to go to OCBC Bank to sign the loan agreement in person (in the presence of a bank officer). If the guarantor is not in Singapore, please follow the instructions stated in the OCBC website.
To avoid a delay in loan disbursement, submit your application, all necessary documents and schedule the loan agreement signing as soon as possible.
The same guarantor stated on the application form must be present when the student signs, and that guarantor must continue to comply to the requirements. If not, the loan application will be rejected.
Please refer to the application instructions or Letter of In-Principle Approval for details.
Loan Disbursement
Disbursement Schedule Timeline
| Financial Aid Scheme | Disbursement Timeline (funds credited will be reflected in OASIS) |
Usage/Receipt of Funds (funds credited will be reflected in student's bank account) |
|---|---|---|
| Tuition Fee Loan & Study Loan | 3-4 weeks after billing or award of loan, whichever is later | Funds will be used to offset tuition fees |
| Study Loan Living Allowance | From Week 7 after term starts | Funds will be used to offset tuition fees and annual fees where applicable. Balance will be credited to student's bank account maintained in OASIS |
| Overseas Student Programme (OSP) Loan | No earlier than six weeks prior to trip departure (as indicated in your application form), OR within 4-6 weeks after award of loan, whichever is later |
Funds will be credited to student's bank account maintained in OASIS |
To Note
- Only an indicative of application & disbursement timeline.
- To avoid undue delays to application processing and disbursement of loans, all applicants should read carefully and ensure early compliance with the instructions as well as terms and conditions indicated in the application instructions/Letter of In-Principle Approval.
Disbursement (for illustration purposes only, please refer to student account in OASIS for actual charges)
| Description |
Singapore Citizen
(SC) |
Singapore Permanent Resident (SPR) |
International Student
(IS) |
|---|---|---|---|
| Other Degree (Non-Law) Program Tuition Fee (excluding GST) | 5,750.00 | 8,025.00 | 11,495.33 |
| GST @ 8% | - | - | 919.63 |
| Tuition Fee (including GST) | 5,750.00 | 8,025.00 | 12,415.04 |
| Miscellaneous Fees (for Insurance, IT Facilities & Student Activities) | 219.59 | 219.59 | 304.12 |
| Total | 5,969.59 | 8,244.59 | 12,719.16 |
| 90% Tuition Fee Loan | (5,175.00) | (5,175.00) | (5,175.00) |
| 10% Study Loan | (575.00) | (575.00) | (575.00) |
| Living Allowance | (1,800.00) | (1,800.00) | (1,800.00) |
| Net (Receivable)/Payable | (1,580.41) | 694.59 | 5,169.16 |
If the student receives multiple financial aid sources for tuition fee (including the CPF Education Loan and student loans), the tuition fee will be deducted in the following order of priority as stipulated by MOE (with 1 being the highest priority to be disbursed first).
- Mendaki Tertiary Tuition Fee Subsidy (TTFS)
- Scholarship/bursary (per gift agreement)
- SkillsFuture Credit
- Post-Secondary Education Account (PSEA)
- Central Provident Fund Education Loan (CPF Loan)
- Student Loans
- Tuition Fee Loan
- Study Loan
- Study Loan Living Allowance
Loan Repayment
SMU has appointed Overseas-Chinese Banking Corporation (OCBC Bank) as agent to administer the MOE-funded loan (ie. Tuition Fee Loan, Study Loan and SMU Overseas Student Programme Loan) schemes and has completed the transition on 20 January 2024. To support this transition, your personal details, including your contact details, were shared with OCBC Bank.
For more information on how OCBC Bank collects, uses and discloses your personal data, you may wish to visit OCBC website for their Data Protection Policy.
OCBC will be reaching out to you with details of the transition (including loan repayment) to facilitate as seamless a process as possible, or you may contact OCBC Bank for enquiries.
+65 6363 3333 (outside Singapore)
Loan repayment plan is flexible in that it allows students to change the monthly instalment amount (subject to a minimum of $100 monthly per loan or as otherwise stated in the loan agreement) and/or make partial (minimum of $1,000 each or in multiples thereof) or full repayment at any point during the repayment period without incurring any penalties or administration fees.
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:
| Term | Interest Chargeable |
|---|---|
| Term 1 | 1st March |
| Term 2 | 1st August |
| Term 3 | 1st October |
Students must repay the loan in accordance with the terms and conditions of the loan agreement in the ways listed below:
- in one lump sum (i.e, full repayment)
- in several lump sum partial payments (minimum of $1,000 each or in multiples thereof per loan)
- in one or several lump sum partial payments, followed by equal monthly instalments (minimum of $100.00 per loan) or vice versa
- in equal monthly instalments (minimum of $100 per loan)
Although students are not required to repay loans between graduation and the time when repayment becomes mandatory, they may wish to consider the following options:
- pay the outstanding loan amount or lump sum partial payments before interest starts in which no interest will be due on the loan or the lump sum partial payments
- make payments toward any accumulated interest together with additional payments toward reducing the loan's principal. This will reduce the overall outstanding loan amount, and thus the repayment period and total interest payable when repayment becomes mandatory
- Pay only toward accumulated interest (or portions thereof) in which the total outstanding loan amount does not increase, or, if only partial payments of interest accrued are made, of reducing the amount of interest accrued
- Make no payments between the time of graduation and the time when repayment becomes mandatory. In this scenario, interest will accumulate at the applicable average prime rate and will be added to the principal amount, increasing the amount of the outstanding loan when mandatory repayment starts.
Students must begin financial planning early in order to develop a prudent repayment plan that takes their overall financial and non-financial factors into consideration. If the student is financially capable, they may begin repayment. If a student leaves the University before completing the course of study, the outstanding loan balance becomes immediately due and payable.
To avoid the risk of facing a large lump sum payment at the end of the maximum repayment period, ensure that the monthly instalments are sufficient to reduce the outstanding loan after paying off the monthly interest charges. Any payment delay will result in a late penalty fee of 1% per month on the outstanding amount due, as stated in the terms and conditions of your loan agreement.
Repayment Type - only for SMU Education Loan and/or SMU Computer Loan
|
MONTHLY INSTALMENTS - Minimum of $100 (unless otherwise stated in loan agreement) per loan LUMP SUM PARTIAL PAYMENT - Minimum of $1,000 or in multiples thereof per loan FULL REPAYMENT - Drop an email to studentloans@smu.edu.sg (indicate your campus ID and loan account number) to obtain the up-to-date loan statement |
1. Complete and submit the SMU Loan Repayment Reply Slip online (1 reply slip per loan) 2. Authorize the GIRO arrangement only if no other existing authorization arrangement is in place. Unless the authorized bank account changes, no action is required
Please note
|
|---|---|
For Loans administered by OCBC Bank
Students are to inform OCBC Bank of their repayment plans and monitor/keep track of the loan status and instalments payable.
For SMU Education Loan and/or SMU Computer Loan
While the University shall endeavor to send students notices / reminders / requests that it deems necessary and/or appropriate at reasonable intervals, the onus is on students at all times to inform the University of repayment plans and monitor / keep track of the loan status and instalments payable. Unless such notifications are expressly required under the loan agreements, the University is not obligated to entertain any request for waiver of loan, interest, and/or any other penalty based on the University's inability to send sufficient notifications to students.
Students who have officially left SMU and have a credit balance in their Post-Secondary Education Account (PSEA) may use the PSEA funds to repay the following approved government education loans in full or in part:
- Tuition Fee Loan
- Study Loan
- Overseas Student Programme (OSP) Loan
- CPF Education Loan Scheme
To avoid or reduce interest charges, students must withdraw funds at least one and a half months before interest begins.
- How to use PSEA to repay student loans
- Submit PSEA Loan Repayment Form (Please take note of MOE's cut-off date for form submission)
With effect from 20 January 2024, when completing the PSEA Loan Repayment Form, please select "OCBC" instead of "SMU" under Loan Agency options.
For example, if a student expects to graduate in Term 2, the student should submit the completed online PSEA Loan Repayment Form to MOE after receiving notification from the Registrar Office that the student has formally graduated or withdrawn (do not use the PSEA form in OASIS as it is intended for tuition fees) (usually sometime in last week of May). MOE must receive the application by no later than 20 June in order for MOE to process it and disburse the funds to the Bank before 1 August (date on which interest commences accrual for the loans for Term 2).
If a student intends to pay off their debt in full but is unable to do so by the PSEA deadline, they should consider paying off the loan balance that is not covered by PSEA funds first before 1 August in order to avoid or reduce interest.
Students should get in touch with OCBC Bank to check on their current loan statement of account in order to repay the outstanding loan sum once the PSEA funds have been deducted.
Repayment Plan Submission - SMU Education Loan & SMU Computer Loan
Students must submit the SMU Loan Repayment Reply Slip for any of the following repayment methods:
- Full or Partial payment (for full repayment, please email Student Loans Team studentloans@smu.edu.sg to obtain the up-to-date loan statement before completing the reply slip.)
- Equal monthly instalments (to commence instalment repayment / change existing instalment amount)
- Partial payment & Equal monthly instalments (to commence instalment repayment / change existing instalment amount & make a partial lump sum payment)
Reply slips received by SMU prior to or on the 18th of the month will be processed for GIRO deduction on the 1st working day of the next month.
Example: If this reply slip is submitted on or before 18 Feb, the new instalment/full/partial repayment will be processed for GIRO deduction on 1 Mar. If this reply slip is submitted on or after 19 Feb, the new instalment/full/partial repayment will be processed for GIRO deduction on 1 Apr.
Modes of Payment - SMU Education Loan & SMU Computer Loan
Loan repayment can be done via GIRO or Bank Transfer. We do not accept cash / credit card / paynow / paylah.
GIRO deductions take place on the first working day of the month.
Maintain sufficient funds in the GIRO-linked bank account for the relevant deductions, as failure to do so may result in 1% per month penalty interest charged on instalment arrears. Some banks may charge an additional fee if a deduction is failed due to inadequate balance in the bank account. Inquiries of this nature should be directed to the bank.
GIRO Application
Application for payment by Interbank GIRO is secured and convenient.
For DBS/POSB bank holders
Authorise your GIRO arrangement HERE. For details on how to set up the GIRO arrangement, please click the next tab. Do not submit any GIRO Application Form.
For Non-DBS/POSB bank holders
Processing time at the bank could take up to two months. Please continue to make loan payments until the GIRO application is approved. You will get an email from the Student Loans Team with a GIRO reminder if your GIRO application is accepted.
Fill out the GIRO Application Form (you must have access to a printer for this) and submit the ORIGINAL SIGNED COPY (NO photocopies or digital signatory) to SMU by the methods stated below:
Drop into SMU Finance drop box located at:
- Level 1 SMU Administration Building Main Lobby (left of main entrance, near Security Counter)
Mail to:
Office of Finance
Singapore Management University
Administration Building Level 12
81 Victoria Street, Singapore 188065
Fax and email modes are not accepted.
Once the GIRO Application form has been submitted, please write in to studentloans@smu.edu.sg (indicate your campus ID & loan account number in email subject line)
GIRO arrangement made with OCBC Bank during UG days CANNOT be used for repayment of the loans due to different receiving bank account. Establishing a new GIRO authorisation arrangement is required.
For DBS/POSB bank account holders, authorise your GIRO arrangement HERE.
The one-time application by Interbank GIRO is safe and convenient. Simply follow the easy step-by-step instructions below:
GIRO Instructions via DBS/POSB iBanking:
| 1 | Select "Payments", "GIRO: Manage GIRO Arrangements" and “Add GIRO Arrangement” |
| 2 | Under "From Account", choose your preferred account for this payment |
| 3 | Under "To Billing Organisation", select the “SMU” |
| 4 | Under "Bill Reference No.", key in your Campus ID as per SMU Student Card (e.g. 01234567 / S1234567X / G0123456X). For the explanatory guide on "Bill Reference No.", please click "View More Info" |
| 5 | Under "Payment Limit", please key in "0" |
| 6 | Click "Submit" |
| 7 | Check your information again before you click "Confirm" |
| 8 | When you get to the next page, please wait for the OTP (one-time password) to be sent to you through SMS. Key the OTP into your token and follow the instructions given on the website |
| 9 | The GIRO arrangement is completed and ready once the OTP is submitted |
Update Contact Details
Effective 20 January 2024, Oversea-Chinese Banking Corporation Limited ("OCBC") will take over the administration of your Tuition Fee Loan, Study Loan and/or Overseas Student Programme Loan from Singapore Management University ("SMU").
Due to the transfer of the Loan administration to OCBC, all prevailing GIRO arrangement(s) with SMU for the repayment of the Loan will be terminated and the last GIRO deduction by SMU will be on 1 February 2024. Please liaise with OCBC if you wish to set up a GIRO arrangement with them. For all other modes of repayment of the Loan, please submit your payment directly to OCBC on or after 20 January 2024.
For updates of contact details or further queries on the Tuition Fee Loan, Study Loan and Overseas Student Programme Loan, please contact OCBC directly.
For updates of contact details or further queries on repayment for SMU Education Loan and/or SMU Computer Loan, please write in to studentloans@smu.edu.sg (indicate your campus ID and loan account number).
Other Student Matters
The student must notify the University and/or OCBC immediately and provide another guarantor in place within one month of such notification in the event of death, insanity, bankruptcy, or any handicap of the guarantor during the time until complete repayment of the loan and interest.
- Effective 20 January 2024, for Tuition Fee Loan and/or Study Loan and/or Overseas Student Programme Loan, please liaise with OCBC directly
- For SMU Student Computer Loan and/or SMU Education Loan, please click below to submit request for change of guarantor
Frequently Asked Questions
Contact Us
|
Loan Repayment Matters (Only for SMU Computer Loan and/or SMU Education Loan) |
Office of Finance Operating Hours: 9.00 am – 5.30 pm Mondays – Fridays (excluding public holidays) |
|---|---|
|
Tuition Fee & Non-Fee Payment Matters CPF Education Loan Scheme |
Office of Finance Click HERE to submit your enquiries |
|
Application Matters Other enquiries relating to financial aid schemes for undergraduates |
Centre for Student Financial Assistance (CSFA) CSFA Hotline: 6828 0264 |
