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Tuition Fee Loan In Singapore: What Is It And How Does It Work?

10 November 2023

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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

Tuition Fee 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	75% of subsidised fees for Polytechnic students 90% of subsidised fees for Singapore Citizen students attending an autonomous university
Maximum repayment period	10 years for polytechnic 20 years for university
Start of repayment period	After 2 years of the graduation date
Eligibility Criteria	Students enrolled in full-time programmes at any of the polytechnics Students engaged in full-time subsidised undergraduate and postgraduate courses at the autonomous universities.
How to Apply?	Students enrolled in Singapore Management University (SMU) can directly contact the institution for applications. Students studying at Nanyang Technological University (NTU) or the National University of Singapore (NUS) have the option to approach DBS or OCBC for their loan application.

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	Full-time undergraduate student Not a full-fee-paying undergraduate student The list of undergraduate student categories ineligible for this type of tuition fee can be found within the application form.
How to Apply?	Submission of applications should be directed to SMU and not any local banks. Matriculated students can apply through the student portal by using the student’s username and password. Prospective applicants can apply through their applicant’s Self Service To apply, please check the application dates here.

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	4.75% annual interest rate, subject to change Late instalments will incur penalty interest at a rate of 1% per month.
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 Student pursuing an undergraduate degree, whether Singaporean, Permanent Resident (PR), or international, irrespective of family income. Students enrolled in the Biomedical Sciences & Traditional Chinese Medicine programs will be covered under the scheme for the initial 3 years of the program. However, international students paying non-subsidised tuition fees are ineligible to apply for financial aid schemes. Students under Part-time Programme* Part-time Singaporean students pursuing their initial undergraduate degree Choosing to pursue a part-time programme due to financial constraints
How to Apply?	DBS and OCBC offer Tuition Fee Loans to students and guarantors. Only one application is needed for this loan to cover your NTU programme. For other application details and dates, please check here.

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	All full-time undergraduates, excluding international undergraduates, who rejected the MOE Tuition Grant or were awarded admission without it Only tuition fees apply to undergraduates taking iBLOC and Special Term courses. Part-time undergraduate students and those enrolled in the Bachelor of Information Technology programme must meet the following requirements: Must be a Singapore citizen Pursuing their first undergraduate degree
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	90% of subsidised tuition fees for University students 75% for Polytechnic students
Maximum Repayment period	20 years
Start of repayment period	Starts after course completion
Eligibility Criteria	For University Students: Studying full-time subsidised undergraduate and postgraduate courses and Singaporean citizens pursuing part-time subsidised undergraduate courses at the following institutions: National University of Singapore Singapore Institute of Technology Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only) Singapore Institute of Technology Singapore University of Social Sciences Singapore University of Technology and Design No income requirement and age restriction Students who do not fall in the following categories: Recipients of scholarships provided by the government, statutory boards, or educational institutions that cover tuition fees. Receiving full Tuition Fee Subsidy from MENDAKI Using CPF savings to cover 100% of the subsidised tuition fees Under self-funded courses Non-Singapore Citizen/Permanent Resident students responsible for full fee payments (ineligible for any Tuition Fee Grant) For Polytechnic students: Studying full-time diploma courses from the following institutions: Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only) Nanyang Polytechnic Ngee Ann Polytechnic Republic Polytechnic Singapore Polytechnic Temasek Polytechnic Not receiving any Government / Statutory Board / any school scholarships which cover tuition fees Not a recipient of full Tuition Fee Subsidy from MENDAKI Not using CPF savings for full payment of the subsidized tuition fees No age restrictions and income requirement
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.

Apply for a personal loan today.