The CPF Education Scheme is a loan scheme which helps CPF members to support their children’s, spouse’s or own tertiary education. Under the scheme, CPF savings could be used to pay the tuition fees of students while they are still pursuing their full-time subsidised undergraduate or diploma courses at the approved educational institutions. The tuition fees are withdrawn from the CPF member's Ordinary Account and paid directly to the approved institutions. The students are required to repay the CPF Education Scheme loan including interest accrued, using cash one year after they graduate or leave their tertiary institutions. The scheme is not meant for refinancing of existing bank loans, including those taken for education purposes.

 

While we understand that members may have differing needs when it comes to the use of their CPF savings, we are unable to allow the use of CPF savings to repay bank loan. The student may wish to approach the bank to work out a repayment plan that better suits the student’s needs.