What is the CPF Education Loan Scheme?
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.
Only full-time subsidised diploma/degree courses at Approved Educational Institutions (AEIs) 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 The student would need to start repaying the principal amount withdrawn plus the accrued interest in cash to your CPF account, one year after graduation or termination of studies, whichever is earlier.
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.