Is a guarantor required for students under the CPF Education Loan Scheme?
No, a guarantor is not required for students who are Singapore Citizens or Singapore Permanent Residents. The student, as the beneficiary of using their own or another member's CPF savings for their education, is responsible for the repayment of the savings used. However, the Board reserves the right to request a guarantor or other forms of guarantee on a case-by-case basis.
For students who are already under the scheme but subsequently renounced their Singapore citizenship or Permanent Resident status, they will need to provide a guarantor for their applications as a foreigner. In the event of death or bankruptcy of the guarantor, or if the guarantor is physically or mentally incapacitated from continuing in any employment, the member whose CPF savings have been used or the foreign student will need to notify the Board in writing and provide a new guarantor.
