By MoneyBees
What you owe on a CPF Education Loan when repayment starts a year after graduation, your monthly instalment over up to 12 years and the interest at 2.5% from the first fee deduction.
A scheme that lets you, a parent or a relative pay a student's tuition fees from the Ordinary Account. It is a loan: the student repays it in cash with interest into the lender's OA.
A Singapore Citizen or PR student in a full-time subsidised diploma or degree course at an approved institution in Singapore. The lender must also be a Singapore Citizen or PR with enough available in the OA.
2.5% a year, counted from the first deduction for fees. Interest builds up while you study, unlike the MOE Tuition Fee Loan, which charges nothing until you graduate.
One year after you graduate or leave the course, whichever is earlier. CPF Board sends a repayment notice with your monthly instalment.
Up to 12 years, as a lump sum or monthly instalments. A shorter period means a higher instalment but less interest.
No. Repayment must be in cash. You can set up GIRO, and you can change your instalment or make one-off payments online.
Yes, while you are a full-time student, a full-time National Serviceman or unemployed. Interest keeps running, so the balance grows while you defer.
Only in narrow cases: the lender must be 55 or older when the student graduates or leaves the course and must have set aside the Full Retirement Sum, and CPF Board assesses each case.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).