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What information do I need to prepare before applying to use CPF savings under the CPF Education Loan Scheme?

Before you submit your application online under the CPF Education Loan Scheme:

  • Check the application period for the institution you are applying to use CPF to pay your tuition fees.
  • Ensure you are accepted by the tertiary institution and confirm that it is an approved educational institution under the CPF Education Loan Scheme.
  • Establish whether you are a new (e.g. fresh intake for AY2016/2017) or existing student (e.g. 2nd year student) under the institution.
  • Get ready your CPF account number or NRIC, telephone number and email address.
  • Find out the CPF account number or NRIC, telephone number and e-mail address of the CPF member, whose CPF savings you are applying to use under the CPF Education Loan Scheme.
  • Discuss with the CPF member on the percentage of the tuition fees you may pay using his/her CPF savings.
  • Ensure you and the CPF member have your own Singpass and valid and correct email accounts.

You can refer to the following FAQ for more information on the courses covered by the CPF Education Loan Scheme:

You selected: What courses are covered by the CPF Education Loan Scheme?

 

Only approved full-time subsidised courses, conducted locally at the approved educational institutions, are covered by the CPF Education Loan Scheme.

 

Please select:

The CPF Education Loan Scheme covers all approved full-time subsidised undergraduate courses leading to a degree at the following institutions:

  • Nanyang Technological University (NTU)*,
  • National University of Singapore (NUS),
  • Singapore Management University (SMU),
  • Singapore Institute of Technology (SIT)*,
  • Singapore University of Technology and Design (SUTD),
  • Singapore University of Social Sciences (SUSS),
  • Nanyang Academy of Fine Arts (NAFA)*,
  • LASALLE College of the Arts (LAS)*.
* The approved degree programmes offered by these institutions in partnership with overseas universities are also included under the CPF Education Loan Scheme.

You selected: Can I use CPF savings for my full-time subsidised local degree course if I have previously used CPF savings for my first subsidised diploma course?


You can use CPF savings for your degree course so long as it is an approved full-time subsidised course under the CPF Education Loan Scheme, subject to the available withdrawal limit*. 

 

*available withdrawal limit

You can use your Ordinary Account (OA) savings up to the Available Withdrawal Limit under the CPF Education Loan Scheme. The Available Withdrawal Limit is either 40% of your accumulated OA savings1, or your remaining OA balance2, whichever is lower. The amount that can be used is also subject to the tuition fees payable.

 

If you are 55 years old or older, you need to set aside the Full Retirement Sum (FRS) in the Retirement Account before you can use the remaining savings in the OA up to the Available Withdrawal Limit. The FRS can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property.

 

The Available Withdrawal Limit will change if there is a new withdrawal, repayment or refund in your OA. To check your Available Withdrawal Limit and its working details, you can log in to your Education dashboard with your Singpass.

 

Made up of your current OA balance plus any OA savings that were previously withdrawn for education and investment, excluding the amount used for housing

After setting aside any amounts reserved for housing or other schemes (if any).

The CPF Education Loan Scheme covers approved full-time subsidised diploma courses at:

  • LASALLE College of the Arts (LAS),
  • Nanyang Academy of Fine Arts (NAFA),
  • Nanyang Polytechnic (NYP),
  • Ngee Ann Polytechnic (NP),
  • Republic Polytechnic (RP),
  • Singapore Polytechnic (SP),
  • Temasek Polytechnic (TP),
  • Institute of Technical Education (for students pursuing an approved Technical Engineer Diploma (TED) or a Technical Diploma)*.

* The approved diploma programmes offered by these institutions in partnership with overseas universities are also included under the CPF Education Loan Scheme.

You selected: I have previously obtained government subsidies for my first diploma, hence my second diploma is not subsidised. Will I still be able to use CPF savings for my second diploma?

 

As you are not eligible for government subsidies for the second diploma, CPF savings cannot be used even if it is a full-time course offered by an approved educational institution.

You selected: I have previously obtained a degree and will study for a full-time diploma course at SP/NP/TP/NYP/RP/NAFA/LAS/ITE. The diploma course is not subsidised by the government. Can CPF savings be used for the diploma course?

 

As your selected diploma course is not subsidised by the government, CPF savings cannot be used even if it is a full-time course offered by an approved educational institution.