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What is the crediting sequence for my education loan repayments if I pay via PayNow?

If you are not under any GIRO arrangement or your GIRO application is still being processed, any payment made will be used to offset the outstanding education loan in the following order: 

  1. Current month instalment
  2. Arrears (if any)
  3. Partial/ Full lump sum repayment

If you have an active GIRO arrangement, we will deduct the current month’s instalment from your bank account. If you would like to make additional payments towards the arrears, the cash payments will be used to pay the outstanding education loan in the following order: 

  1. Arrears (if any)
  2. Partial/ Full lump sum repayment

As long as your GIRO is active, the Board will attempt to deduct the current month’s instalment from your bank account. If the deduction failed due to insufficient funds in your account, we will notify you of the missed payment. You may proceed to make the necessary payments via PayNow only after receiving our notification.