Am I eligible for an education loan, and how much loan can I receive in Singapore for a Master's/Bachelor's?
At MOE funded universities like NUS or NTU, the Tuition Fee Loan covers up to 90 percent of subsidised fees with no minimum income requirement, plus a Study Loan for lower income households covering the remainder plus a living allowance up to S$3,600 yearly. Commercial banks add up to S$160,000.
Your eligibility and loan amount for a Bachelor's or Master's in Singapore depend on your citizenship status and whether you study at a local MOE funded university or elsewhere. These two factors together decide which schemes you can actually apply to.
MOE Subsidised Loan Options
| Loan | Eligibility | Amount |
|---|---|---|
| Tuition Fee Loan (TFL) | Local and international students in subsidised courses, guarantor aged 21 to 60 | Up to 90 percent of MOE subsidised tuition fees |
| Study Loan | Households under a set income ceiling, after taking the TFL | Remaining 10 to 20 percent of fees plus up to S$3,600 a year living allowance |
Commercial Bank Loans
If your program is not heavily subsidised by MOE, or you need extra funds for living costs, banks like POSB, OCBC, and CIMB offer private education loans. These typically require the applicant or a guarantor to meet a minimum annual income, usually 18,000 to 24,000 Singapore dollars, and loan amounts are usually capped at 6 to 10 times your monthly income or up to S$160,000, whichever is lower, with interest around 4 to 5 percent a year.
My Advice
Apply for the Tuition Fee Loan first if you qualify for an MOE subsidised course, since it covers the largest share of your fees with no income requirement. Only turn to a commercial bank loan for the remaining gap or living costs, since its interest and income requirements make it a costlier option overall.
Will you qualify for a Singapore education loan?
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