Scheduled maintenance: Long-term care insurance information on Healthcare Dashboard is unavailable from 26 April 2024, 8pm to 28 April 2024, 11.30pm for upgrades.

Scheduled maintenance: CPF digital services will not be available on 28 Apr 2024, from 12am to 6am.

Scheduled maintenance: Long-term care insurance information on Healthcare Dashboard is unavailable from 26 April 2024, 8pm to 28 April 2024, 11.30pm for upgrades.

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Can I reserve my Ordinary Account (OA) savings for my child's tertiary education, so that the savings are not transferred to the Retirement Account (RA) when I turn 55?

As your Ordinary Account (OA) savings are meant to boost your retirement savings when you turn 55, you will not be able to reserve your OA savings for your child’s tertiary education. At age 55, your Special Account (SA) and OA savings will be transferred to your Retirement Account (RA) to meet the Full Retirement Sum (FRS) applicable to you. Your RA savings will continue to grow steadily and provide you with lifelong monthly payouts in retirement. You may find out more about the prevailing interest rate here. You are eligible to withdraw in cash the remaining OA and SA savings after setting aside the FRS, or up to $5,000 if you are unable to set aside the FRS. You can then use the cash as you wish, including towards your child’s education.

You may wish to consider the MOE’s Tuition Fee Loan (TFL) to finance your child’s education. The MOE TFL is available to all full-time students of the polytechnics and universities and covers up to 75% and 90% of the tuition fees payable respectively. It is also interest-free during the course of study, unlike the CPF loan where interest starts to accrue from the time of withdrawal.
 
If you are unable to repay your MOE TFL due to further studies or financial difficulties due to unemployment or medical condition, you may appeal to defer repayment and interest. Your appeal will be considered on a case-by-case basis. While CPF may also allow for deferment in challenging times, the interest continues to accrue as it is essential to completely restore the savings meant primarily for retirement. For more information on the MOE TFL, please refer to this link.
 
Your child can also approach their educational institution to find out about the other financial assistance schemes available.