What are the alternative options available to finance my tuition fee besides the CPF Education Loan Scheme?
Besides the CPF Education Loan Scheme, there are other ways to finance a tertiary education (PDF, 0.5MB) in Singapore. You may want to consider the following factors when deciding on the best option to finance your studies:
There are different eligibility criteria for each financing option. For example, in order to be eligible for the MOE Tuition Fee Loan, an applicant needs to be a recipient of the MOE Tuition Grant. For more information on your eligibility, you may refer to the relevant websites (for example, MOE and banks) that provide details of the various financing options.
Amount of coverage for tuition fee
The various financing options may not cover up to 100% of your tuition fee. You may want to refer to the respective website of the various financing options to find out how much coverage is provided for your tuition fee.
Rate of interest
The rate of interest varies across different loans, so you may want to compare the rate of interest to find out which loan is most suitable for you. It is also important to know when interest will start accruing for your loan. For example, for the MOE Tuition Fee Loan, there is no interest accrued during the course of your study; whereas for the CPF Education Loan scheme, interest starts to accrue as soon as the CPF savings is deducted from a member’s account.
It is important to know when you are expected to start the repayment of your tuition fee loan and how you will finance the repayment of your tuition fee loan (i.e. minimum monthly repayment amount). You may also want to compare the maximum repayment period for each loan.
You can view a quick comparison (PDF, 0.2MB) between the CPF Education Loan and MOE Tuition Fee Loan.
You can also refer to an example (PDF, 74KB) on how the loan repayment period affects the total amount repaid under the CPF Education Loan and MOE Tuition Fee Loan.