Alwin Goh
Despite the government’s provision of a tuition fee grant, the cost of tuition continues to rise annually. In fact the average annual education inflation rate in Singapore was about 2.86% for a 20-year period (2002-2022). Moreover, it was reported that the school fees will increase from 2024 to 2026 for PR and international students.
So, you might be looking for funds to cover your tuition fee costs. Fortunately, a range of tuition fee loans from the government and banks are available to assist students in financing their tuition fees.
But before discovering these various tuition fee loan options, let’s first find out what a tuition fee loan is.
What Is A Tuition Fee Loan In Singapore and How Does it Work?
A tuition fee loan in Singapore is a type of loan offered by the government and private banks to qualified students seeking financial aid for their full-time or part-time degree and diploma courses within an autonomous university or polytechnic.
To help students accomplish academic goals without financial burden, tuition fee loans cover a percentage of their tuition, miscellaneous fees, and other approved charges.
The student repays the debt after graduating or meeting earnings requirements. Students seeking financial assistance highly favoured this loan for its low interest rates and flexible repayment options. You can repay your loan even after two years following your graduation.
However, tuition fee loans are only available to government-subsidised schools. Consequently, students who are enrolled in private schools have the option to apply for student loans from licensed lenders in Singapore.
But what sets apart tuition fee loans from study loans in Singapore?
Tuition Fee Loan Vs Study Loan In Singapore
Singaporean students can use the Tuition Fee Loan (TFL) and Study Loan (SL) to cover their education costs. However, these two types of loans differ from each other.
Polytechnic students can borrow up to 75% of subsidised fees and university students up to 90% of subsidised Singapore Citizen fees.
This type of loan is available to students with a gross monthly per capita income of $2,700 or less, despite receiving a tuition fee loan.
The study loan pays off fees and helps students pay for living expenses.
Take note that student loans have shorter repayment periods than tuition fee loans.
Tuition Fee Loans In Singapore
Singapore offers various tuition fee loan options to support students in their educational journey. These loans can help them make studying more comfortable by allowing them to repay their loans after graduation.
The following Singapore tuition fee loan options are available to students at government-subsidised polytechnics, and universities need help financing their remaining tuition fees and miscellaneous costs.
Ministry of Education (MOE) Tuition Fee Loans in Singapore
Tuition fee loans from the Ministry of Education (MOE) help Singaporean students studying at any polytechnic or autonomous university cover a certain percentage of their tuition fees.
The loan is valid throughout the course. It is interest-free during the course of study and begins to accrue interest after graduation. Its annual interest rate is about 4.75%.
It can cover up to 75% of tuition fees payable by a Polytechnic student and up to 90% of tuition fees for a Singaporean student at an autonomous university.
The maximum repayment duration for polytechnic tuition fee loans is 10 years, and for university tuition fee loans, it is 20 years. The repayment period begins two years after graduation.
| Ministry of Education (MOE) Tuition Fee Loan | |
|---|---|
| Interest Rate | 4.75% annual interest rate |
| Admin fee | No admin fee |
| Maximum tuition fee loan amount |
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| Maximum repayment period |
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| Start of repayment period |
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| Eligibility Criteria |
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| How to Apply? |
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Singapore Management University (SMU) Tuition Fee Loan
The SMU Tuition Fee Loan, administered by SMU and funded by the government, covers up to 90% of undergraduate Singaporean students’ subsidised tuition fees.
SMU tuition fee loans are interest-free throughout their courses. This tuition fee loan doesn’t cover annual or miscellaneous fees.
A Singaporean student can start to repay this loan two years after graduation or until work, whichever comes first. The minimum repayment amount is only about $100 per month.
However, this tuition fee loan in Singapore needs a loan guarantor. A loan guarantor must be:
- At least 21 to 60 years old
- Must not be an undischarged bankrupt or enrolled as a full-time student.
- Not holding more than two outstanding student loans, including this particular loan.
- Singapore citizenship is a prerequisite for Singaporean student applicants
- A Singapore citizen or a permanent resident for a PR student applicant
- Any nationality for a non-Singaporean student applicant
| Singapore Management University (SMU) Tuition Fee Loan | |
|---|---|
| Interest Rate | 4.75% annual interest rate, subject to change |
| Admin fee | No admin fee |
| Maximum tuition fee loan amount | 90% of undergraduate Singaporean students subsidised tuition fees, which do not include the payment of annual or miscellaneous fees. |
| Maximum repayment period | 20 years |
| Start of repayment period | Two years following graduation or until got employed, whichever comes first |
| Eligibility Criteria |
The list of undergraduate student categories ineligible for this type of tuition fee can be found within the application form. |
| How to Apply? |
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National Technological University (NTU) Tuition Fee Loan
Nanyang Technological University (NTU) in Singapore offers tuition fee loans to Singaporean, PR, and international students studying full-time and part-time programmes.
This loan can cover up to 90% of subsidised tuition fees. Importantly, this coverage excludes mandatory miscellaneous and hostel fees.
The same as a SMU tuition fee loan, repayment can start two years after graduation, upon securing employment, or whichever comes first. The repayment of the loan can be in one lump sum or with equal monthly instalments. The minimum monthly repayment is only about $100, with a maximum repayment period of 20 years.
However, if the student leaves before completing the study programme, the loan amount becomes due immediately. Nevertheless, the student may be able to repay the remaining sum through monthly instalments, subject to the terms and conditions as determined by the university, which will vary based on each specific case and circumstance.
NTU tuition fee loans will also require a guarantor with the following eligibility criteria:
- Must be between 21 and 60 years old.
- Not an undischarged bankrupt
- There are no specific income requirements.
- A Singaporean guarantor for a Singaporean student applicant
- Either a Singaporean or a PR student applicant
- Any nationality for international students
- With no more than two outstanding loans
| National Technological University (NTU) Tuition Fee Loan | |
|---|---|
| Interest Rate |
|
| Admin fee | No admin fee |
| Maximum tuition fee loan amount | 90% of the subsidised tuition fee payable |
| Maximum repayment period | 20 years |
| Start of repayment period | Two years after graduation or upon securing employment, whichever happens earlier |
| Eligibility Criteria | Students under Full-Time Programme
Students under Part-time Programme
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| How to Apply? |
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National University of Singapore (NUS) Tuition Fee Loan
The National University of Singapore also provides tuition fee loans with a maximum loan amount of up to 90% of the subsidised tuition fee for Singaporean students. This loan remains applicable for the entire duration of the undergraduate degree programme.
As with SMU and NTU, the loan repayment period commences not later than two years after graduation. Repayment can be in one lump sum or in fixed monthly instalments, with a minimum of $100 per month. The maximum repayment period is 20 years.
Upon graduation, students have the option to use their PSEA balance for loan repayment. For further details and the application process for this scheme, you may check here.
For NUS tuition fee loan a guarantor is also required and must be:
- 21–60 years old
- Not a bankrupt
- A Singaporean for a Singaporean student applicant
- A Singaporean or a PR student applicant
- Singaporean/PR/non-Singaporean for international students
| National Technological University (NTU) Tuition Fee Loan | |
|---|---|
| Interest Rate | 4.75% annual interest rate, subject to change |
| Admin fee | No admin fee |
| Maximum tuition fee loan amount | 90% of Singaporeans’ subsidised undergraduate degree tuition. |
| Maximum repayment period | 20 years |
| Start of repayment period | Not later than 2 years after graduation |
| Eligibility Criteria |
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| How to Apply? | Students with their guarantors can apply this tuition fee loan via DBS and OCBC
Please find the application deadline here |
DBS Tuition Fee Loan
The DBS tuition fee loan provides financial support for both university and polytechnic students, assisting them in covering a portion of their subsidised tuition fees. It can cover up to 90% of the subsidised tuition fees for students enrolled in MOE-recognised universities and up to 75% for Polytechnic students.
Throughout the student’s course of study, the loan remains interest-free and does not require repayment. After graduation, DBS, UOB, and OCBC will determine the average prime rate for interest charges. The minimum repayment amount begins at $100 per month, and you have the flexibility to repay the loan in full or through instalments, with a maximum loan tenure of 20 years.
For male polytechnic students who have National Service obligations after graduation, deferment options are available.
A guarantor is also needed for
- 21–60 years old
- Not a bankrupt
- A Singaporean for a Singaporean student applicant
- A Singaporean for a PR student applicant
- Singaporean/PR/non-Singaporean for international students
| DBS Tuition Fee Loan | |
|---|---|
| Interest | Charged at DBS, OCBC, and UOB’s average prime rate following graduation |
| Maximum tuition fee loan amount |
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| Maximum Repayment period | 20 years |
| Start of repayment period | Starts after course completion |
| Eligibility Criteria | For University Students:
For Polytechnic students:
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| How to Apply? | Apply through the DBS online application portal. Apply for a tuition fee loan here. |
Need Additional Funds For Your Education?
While various institutions and banks offer tuition fee loans, the amount provided might not meet your needs, or you might not qualify for these loans.
If you’re in need of quick financial assistance, a personal loan could be beneficial for your educational endeavours.
Consider reaching out to Crawfort to explore eligibility for a fast cash loan.
