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CPF Education Loan SchemeCPF Education Loan Scheme<p>You can apply for an education loan using your CPF Ordinary Account (OA) savings to pay for your own, children’s, spouse’s, siblings’ or relatives’ subsidised tuition fees for an approved course at an approved educational institution.<br></p>TrueTrueTrueOthers;#

 

 

UnderstandWhat is the CPF Education Loan Scheme?<p>The CPF Education Loan Scheme is a loan scheme which allows you to use your Ordinary Account (OA) savings to pay for your own, children’s or spouse’s subsidised tuition fees. Applications to use CPF savings to pay for your sibling’s or relative’s subsidised tuition fees will be assessed on a case-by-case basis.</p><p>Only <a href="/Members/FAQ/schemes/other-matters/cpf-education-loan-scheme#faq2196412">full-time subsidised diploma​​/degree courses at Approved Educational Institutions (AEIs)</a> are covered under this scheme. The student would need to start repaying the principal amount withdrawn plus the accrued interest in cash to your CPF account, one year after graduation or termination of studies whichever is earlier.</p><p>If the institution or course does not fall under this scheme, you and the student can consider taking up a loan with the commercial banks or approaching the institution for other financial assistance options.</p> <br> <br>CPF Education Loan Scheme15121512
UnderstandWhat is the MOE Tuition Fee Loan (TFL)?<p>Students in polytechnics and autonomous universities can apply for the Tuition Fee Loan to cover a portion of their tuition fee. The table below shows a quick guide on MOE Tuition Fee Loan. </p> <img src="/Assets/members/PublishingImages/MOETuitionFeeLoan.png" alt="MOE Tuition Fee Loan" class="img-responsive" /> <br> <p>Additionally, being a loan from MOE, the TFL repayment and interest can be suspended in periods of economic downturn. For instance, MOE has suspended the TFL repayment and interest from 1 June 2020 to 31 May 2021 to support households affected by Covid-19, and had done so in the past as well. On the other hand, repayment of the CPF education loan and interest cannot be suspended as it is to restore the member’s CPF savings for his retirement needs, and retirement security remains important, if not more so, during economic downturns. </p><br>CPF Education Loan Scheme15131513
UnderstandWhat is the MOE Post-Secondary Education Account (PSEA)? <p> <strong>What is the PSEA</strong> </p><p>The Post-Secondary Education Account (PSEA) is part of the Post-Secondary Education Scheme to help parents save for their children’s post-secondary education. The PSEA is administered by MOE and is opened automatically for all eligible Singaporeans.</p><p>Funds in your Post-Secondary Education Account (PSEA) can be used to pay for your own or your siblings’ approved programmes in MOE’s <a href="https://beta.moe.gov.sg/fees-assistance-awards-scholarships/psea/how-to-use/" target="_blank">list of approved institutions</a>. </p><p>It can also be used to repay approved financing schemes such as loans under the CPF Education Loan Scheme and MOE Tuition Fee Loan taken for studies in autonomous universities, polytechnics, ITE (Diploma), and art institutions.</p> <br> <p> <strong>How to check PSEA fund balance</strong></p><p>You can call MOE’s 24-hour automated PSEA hotline at 62600777 to check your balance. Latest PSEA balance information will be updated every Wednesday. </p> <br> <p><strong>When will the PSEA be closed</strong></p><p>The PSEA will be closed around the middle of the year in which you turn 31. Any unused funds in the PSEA will be transferred to your CPF-OA. Once transferred to CPF-OA, it cannot be reversed to PSEA and will be subjected to CPF-OA usage rules.</p><p>For student who took up CPF Education Loan or MOE Tuition Fee Loan to finance their education, you may consider using PSEA funds to repay your outstanding education loan before it’s transferred to your CPF-OA.</p><p>Alternatively, you can opt to transfer the balance to your sibling’s existing PSEA (if applicable) when you receive the transfer option letter from MOE in the year you turn 31 years old.</p><p>For more information on PSEA, please visit <a href="https://beta.moe.gov.sg/fees-assistance-awards-scholarships/psea/" target="_blank">MOE PSEA website</a>.</p> CPF Education Loan Scheme15141514
DecideWhat do I need to consider before deciding which education loan to take?<p>You may need to consider the following before deciding on a loan type:</p><ul><li style="margin-bottom:5pt;">What other loan options are you and the student eligible for besides the CPF Education Loan Scheme?</li><li style="margin-bottom:5pt;">How much CPF savings can you use under the CPF Education Loan Scheme? Is it sufficient to fully finance the course?</li><li style="margin-bottom:5pt;">If using CPF, how would it affect your housing needs (if any) and retirement planning?</li><li style="margin-bottom:5pt;">How does the estimated loan repayment period affect the total interest to be paid?<br></li></ul>CPF Education Loan Scheme15191519
DecideI intend to take a loan to finance my education and I will repay it promptly upon my graduation. Which is better for me – the MOE Tuition Fee Loan (TFL) or CPF Education Loan?<p>The MOE TFL is a better option as it is interest-free during the course of study, unlike the CPF loan where interest starts to accrue from the time of withdrawal. This means that if you repay the loan fully right after graduation, you will not incur any interest at all for the TFL. </p><p>Additionally, being a loan from MOE, the TFL repayment and interest can be suspended in periods of economic downturn. For instance, MOE has suspended the TFL repayment and interest from 1 June 2020 to 31 May 2021 to support households affected by Covid-19, and had done so in the past as well. On the other hand, repayment of the CPF education loan and interest cannot be suspended as it is to restore the member’s CPF savings for his retirement needs, and retirement security remains important, if not more so, during economic downturns.</p><br>CPF Education Loan Scheme15101510
DecideCompared to the MOE Tuition Fee Loan, isn’t the CPF Education Loan a better option as I will pay the interest to my parents’ Ordinary Account so that they can benefit from it?<p>This is not the right way to think about it. The TFL is interest-free during the course of study. This means that if you repay the loan fully right after graduation, you will not incur any interest at all for the TFL. In other words, by not using your parent’s OA savings, government will be paying your parent an OA interest of up to 3.5% during your period of study.</p><p>On the other hand, if you borrow from your parent’s OA, the interest starts to accrue from the time the savings are withdrawn to pay the educational institutions. When you repay the accrued interest to your parents’ OA, you are simply restoring their OA to what government would have paid them anyway. There is no additional benefit to them. </p><p>Another reason why TFL is better is that the TFL repayment and interest can be suspended in periods of economic downturn. For instance, MOE has suspended the TFL repayment and interest from 1 June 2020 to 31 May 2021 to support households affected by Covid-19, and had done so in the past as well. </p><p>None of the above interest-free advantages on the TFL could be applied to the CPF Education Loan Scheme. This is because the interest paid by you, is what would have naturally accrued to your parents during the period of study and during the pandemic, and must be restored because CPF savings are essential to them in retirement.</p><br>CPF Education Loan Scheme30981807
ApplyHow do I apply for the MOE Tuition Fee Loan (TFL)? <p>To apply for MOE TFL, please follow one of the following steps below:</p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:50%;">​SMU Students<br></td><td class="ms-rteTable-default" style="width:50%;">​To approach SMU<br></td></tr><tr><td class="ms-rteTable-default">​NTU and NUS Students<br></td><td class="ms-rteTable-default">​To approach OCBC or DBS<br></td></tr><tr><td class="ms-rteTable-default">​All other students <br></td><td class="ms-rteTable-default">​To approach DBS<br></td></tr></tbody></table> <br> <p>For more information on MOE TFL, please visit <a href="https://beta.moe.gov.sg/fees-assistance-awards-scholarships/government-loan-schemes/tuition-fee-loan/" target="_blank">MOE TFL website</a> or approach your institution.</p> <br>CPF Education Loan Scheme15251525
DecideFinancial Assistance offered at Approved Educational Institutions<p> <strong>Useful websites on financial assistance:</strong></p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width:40%;"> <strong>​Institute of Technical Education</strong><br></td><td class="ms-rteTableOddCol-default" style="width:60%;"> <a href="https://www.ite.edu.sg/life-at-ite/student-services/financial-assistance" target="_blank">Institute of Technical Education</a><br></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1">​<strong>Institute of the Arts</strong><br></td><td class="ms-rteTableOddCol-default" rowspan="1"> <a href="https://www.lasalle.edu.sg/admissions/diploma-admissions/scholarship-financial-support" target="_blank">​LASALLE College of the Arts (Diploma)</a><br><a href="https://www.lasalle.edu.sg/admissions/ba-hons-admissions/scholarship-financial-support" target="_blank">LASALLE College of the Arts (Undergraduate)</a><br><a href="https://www.nafa.edu.sg/admissions/scholarships-financial-aid-schemes" target="_blank">Nanyang Academy of Fine Arts</a><br> </td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1"> <strong>​Ministry of Education</strong><br></td><td class="ms-rteTableOddCol-default" rowspan="1">​<a href="https://www.moe.gov.sg/education/financial-assistance/financial-assistance-information-for-ihls" target="_blank">Ministry of Education</a><br></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1">​<strong>Polytechnics</strong><br></td><td class="ms-rteTableOddCol-default" rowspan="1">​<a href="https://www.nyp.edu.sg/admissions/full-time-diploma/financial-matters-financial-assistance.html" target="_blank">Nanyang Polytechnic</a><br><a href="https://www.np.edu.sg/admissions/Pages/aid.aspx" target="_blank">Ngee Ann Polytechnic</a><br><a href="https://www.rp.edu.sg/financial-assistance/financial-assistance" target="_blank">Republic Polytechnic</a><br><a href="https://www.sp.edu.sg/sp/student-services/ssc-overview/student-support/financial-assistance/overview" target="_blank">Singapore Polytechnic</a><br><a href="https://www.tp.edu.sg/fees-and-financial-matters/financial-assistance-schemes#tab1" target="_blank">Temasek Polytechnic </a> <br> </td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1">​<strong style="color:#444444;">Universities</strong><br></td><td class="ms-rteTableFooterOddCol-default" rowspan="1">​<a href="https://www.ntu.edu.sg/NSS/NSSFinance/FinancialAssistance/Pages/index.aspx" target="_blank">Nanyang Technological University</a><br><a href="http://www.nus.edu.sg/oam/financial-aid" target="_blank">National University of Singapore</a><br><a href="https://www.singaporetech.edu.sg/undergrad/financial-aid" target="_blank">Singapore Institute of Technology</a><br><a href="https://www.smu.edu.sg/campus-life/financial-matters/financial-assistance-schemes" target="_blank">Singapore Management University</a><br><a href="https://www.suss.edu.sg/part-time-undergraduate/admissions/financial-aid" target="_blank">Singapore University of Social Sciences</a><br><a href="https://www.sutd.edu.sg/financialaid" target="_blank">Singapore University of Technology and Design</a> </td></tr></tbody></table> <strong> </strong>CPF Education Loan Scheme29481801
ApplyHow do I apply for the use of my Post-Secondary Education Account (PSEA) funds? <p>For payment of approved fees and charges, you can withdraw the PSEA funds by establishing a Standing Order with MOE or by submitting ad hoc withdrawal applications as and when withdrawals are to be made. The form to use will depend on the approved institution you are in. You should consult the approved institution you are studying in on which form to use.</p><p>Download the <a href="https://www.moe.gov.sg/docs/default-source/document/education/post-secondary/files/psea-standing-order-form.pdf" target="_blank">PSEA Standing Order form</a> and submit the completed application form to your institution.<br></p><p>Download the <a href="https://www.moe.gov.sg/docs/default-source/document/education/post-secondary/files/psea-ad-hoc-withdrawal-form.pdf" target="_blank">PSEA Ad Hoc Withdrawal form</a> and submit the completed application form to your respective institutions.</p><p>For more information on PSEA, please visit <a href="https://beta.moe.gov.sg/fees-assistance-awards-scholarships/psea/" target="_blank">MOE PSEA website</a>.<br></p><br>CPF Education Loan Scheme15231523
ApplyHow do I apply for CPF Education Loan Scheme?<p> <strong>When is the loan application period?</strong></p><p>The application period for each Approved Educational Institution (AEI) varies as it depends on the start date of the academic semester. You can refer to the <a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ApplicationScheduleToUseCpfSavings/ViewApplicationSchedule" target="_blank"> application schedule</a> to check the dates before applying for the loan. No application will be accepted after the cut-off date.<br></p><p> <strong>Apply online using <em> <strong>my cpf</strong></em></strong></p><p>The student and you will be involved in the application process.</p><ol><li style="margin-bottom:5pt;">The student must login with <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices" target="_blank"> SingPass</a> and submit the application via My Requests. </li><li style="margin-bottom:5pt;">An email with an URL will be sent to your email address provided by the student in the application form within two days. </li><li>You must login with your <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices" target="_blank"> SingPass</a> within 14 days from the date of the application, to agree to the use of your CPF savings. Otherwise the application would be rejected.</li></ol><p>The student can login with their <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices" target="_blank"> SingPass</a> at the CPF website to check the loan application status under My Activities.</p> <br>CPF Education Loan Scheme15201520

 

 

 

 

CPF Education Loan Repayment Period Calculator CPF Education Loan Repayment Period Calculator <a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/EducationLoanRepaymentPeriodCalculator/EducationLoanRepaymentPeriodCalculate" target="_blank" title="CPF Education Loan Repayment Period Calculator">EDNCALCREPAY.ASP</a>
CPF Education Monthly Instalment Rate CalculatorCPF Education Monthly Instalment Rate Calculator<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/EducationMonthlyInstalmentRateCalculator/EducationMonthlyInstalmentRateCalculate" target="_blank"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">EDNCALCMONTHLY.ASP</a>

 

 

 

 

 

 

Apply / Change GIRO for Repayment of Education LoanApply / Change GIRO for Repayment of Education Loan/Tools/online-demos/online-demos/my-cpf-online-services/my-requests756MP4, 1.3MB
Apply to use CPF for my education Apply to use CPF for my education /Tools/online-demos/online-demos/my-cpf-online-services/my-requests597MP4, 1.6MB
Cancel use of CPF for education Cancel use of CPF for education /Tools/online-demos/online-demos/my-cpf-online-services/my-requests600MP4, 0.5MB
Apply for defermentApply for deferment/Tools/online-demos/online-demos/my-cpf-online-services/my-requests599MP4, 1.4MB
Waive the repayment by my child(ren) Waive the repayment by my child(ren) /Tools/online-demos/online-demos/my-cpf-online-services/my-requests602MP4, 0.7MB
Repayment of Education Loan (AXS) Repayment of Education Loan (AXS) /Tools/online-demos/online-demos/axs-stations/payment-services661MP4, 0.7MB
Revoke use of CPF for education Revoke use of CPF for education /Tools/online-demos/online-demos/my-cpf-online-services/my-requests604MP4, 0.7MB
Change my monthly instalment rate Change my monthly instalment rate /Tools/online-demos/online-demos/my-cpf-online-services/my-requests611MP4, 0.7MB
Repay my education loan (PayNow QR or eNETS)Repay my education loan (PayNow QR or eNETS)/Tools/online-demos/online-demos/my-cpf-online-services/my-requests610MP4, 1.6MB
Repayment of Education Loan (e-Cashier) Repayment of Education Loan (e-Cashier) /Tools/online-demos/online-demos/e-cashier/payment-services648MP4, 1.6MB

 

 

 

 

 

 

 

 

Use CPF Savings for Education Loan Scheme<a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/UseForEducation/UseForEducationLanding" title="Application for Use of CPF Savings Under the Education Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application for Use of CPF Savings Under the Education Loan Scheme</a><p>​FORM AES/F1</p><p>This form allows you to apply to use CPF savings to pay for your tertiary education. The e-Service may take you 5 minutes to complete.<br></p>00
Revoke the Use of CPF Savings for CPF Education Loan Scheme<a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/RevokeUseOfCpfSavingsForEducation/CoverPage" title="Revoke the Use of CPF Savings for CPF Education Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">CPF Education Loan Scheme Revocation Form</a><p>​FORM AES/F3 </p><p>This form allows you to revoke the authorisation for use of your CPF savings for education. The e-Service may take you 3 minutes to complete. <br></p>00
Repay CPF Education Loan By Cheque<a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/Cashier/ECashierHomepage "><img alt="" src="/_layouts/15/IMAGES/icgen.gif">ECashierHomepage </a><p>​FORM AES/F7 </p><p>This form allows you to make repayment for your outstanding education loan. The e-Service may take you 5 minutes to complete. <br></p>10
Apply to Defer Repayment under CPF Education Loan Scheme<a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/DeferralEducationLoanRepayment/Index" title="CPF Education Scheme Application for Deferment"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">CPF Education Loan Scheme Application for Deferment</a><p>​FORM AES/D1 </p><p>This form allows you to defer your education loan repayment. The e-Service may take you 10 minutes to complete. <br></p>00
Apply for Waiver of Repayment Of CPF Savings Withdrawn Under The CPF Education Loan Scheme<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/WaiveTheRepaymentByChildren/Disclaimer" target="_blank" title="CPF Education Scheme Application for Waiver of Repayment"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">CPF Education Loan Scheme Application for Waiver of Repayment</a><p>​FORM AES/W1 </p><p>This form allows you to apply to waive the education loan repayment. The e-Service may take you 5 minutes to complete.<br></p>00
Repay Education Loan Using GIRO<a href="/Assets/members/Documents/FORM_EDN_GIRO.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Repay Education Loan Using GIRO</a><a href="https://www.cpf.gov.sg/eSvc/Web/Services/GiroApplication/LandingPage?scheme=EDN"><img alt="" src="/_layouts/15/IMAGES/icgen.gif">LandingPage</a><p>FORM ​EDN/GIRO</p><p>This form allows you to apply for GIRO arrangement for your monthly education repayment.<br></p>00PDF, 0.5MB

 

 

CPF Education Loan SchemeOther Matters

 

 

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