Financial Assistance - Loans

Eligibility

• Full-time Singapore Citizens (SC) and Singapore Permanent Residents (PR) studying in the MOE-subsidised undergraduate degree programmes.
• Current SIT students.

Note: International students paying non-subsidised tuition fees are not eligible to apply for the Tuition Fee Loan.

Quantum

• Covers up to 90% of subsidised tuition fee payable by Singapore Citizens.
• Does not cover annual fees.
• The total loan amounts should not exceed 100% of subsidised fees payable by student.

Administration of Loan

DBS Bank will be handling all of SIT’s Tuition Fee Loan and Study Loan Schemes.

• One guarantor between 21 – 60 years of age.
• Guarantor must not be an undischarged bankrupt.
• No income qualification required.
• Must not be a guarantor of more than 2 student loans at the same time.
• Requirement of a guarantor based on nationality:
• If applicant is a Singapore Citizen, provide a Singaporean guarantor.
• If applicant is a Singapore Permanent Resident, provide a Singaporean / SPR guarantor.

Interest

• Interest rate will be based on the average of the prevailing prime rate of Singapore's 3 local banks namely DBS, OCBC and UOB on the first day of each quarter or such other rates as may be determined from time to time.
• Interest will start accruing on the 1st day of the 3rd month following graduation / withdrawal. For graduates / withdrawn students with remaining National Service (NS) obligations, the same interest commencement date will apply.
• Example of interest commencement date: If you have graduated in June, interest will commence on 1st September of the same year. If you have graduated in December, interest will commence on 1st March of the following year.

Repayment

• Repayment of loan can be in one lump sum or by equal monthly instalments commencing not later than two years from the date of graduation or upon securing employment, whichever is earlier.
• The minimum amount of repayment is S$100 per month and the maximum repayment period is 20 years.
• In the event that the student leaves SIT without completing the programme of study, the loan outstanding will immediately become due and payable.

Late Payment Charge

Penalty interest will be levied at the rate of 1% per month on instalments in arrears.

Application Procedures

1. Students who wish to apply for the Tuition Fee Loan are required to complete the Tuition Fee Loan Form found in the Student Portal and visit the bank together with your guarantor during the application period. (If you are applying outside the application period, you will need to write in to Student Services Division ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) with valid reasons to request for a Letter of Late Endorsement).
2. Students will need to submit a photocopy of the signed Tuition Fee Loan Application Form and Letter of Offer to SIT Finance Division within 3 days from the approval of the loan by the Bank.
3. Students will only need to apply for this loan once to cover for the duration of the the degree programme at SIT.

Terms and conditions apply.

Please click here to view all financial assistance application periods.

Further Enquiries
Student Services Division ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
Tel: 6592 1150
Bank: DBS Bank

Updated as at 23 August 2011

Eligibility

• Full-time Singapore Citizen (SC) and Singapore Permanent Resident (SPR) undergraduate students in the MOE-subsidised degree programmes.
• Current SIT students.
• International students paying non-subsidised tuition fees are not eligible to apply.
• For use of SIT Study Loan for payment of tuition fees, applicants must have also applied for the Tuition Fee Loan.
• Applicants' gross monthly household per capita income (PCI) must not be more than $2,400.
• Students who are awarded a fee subsidy or loan by an organisation registered with a government agency or have applied for the government Tuition Fee Loan (TFL) in full or a mixture of both, provided the total subsidy or loan is not below 80% (for students with gross monthly household per capita income (PCI) of $500 and below) or 90% (for students with PCI more than $500 and up to $2,400) of subsidised fees payable by SC, shall be considered for the SL. The maximum limit of the SL is 10%/20% of the fees payable plus $3,600 per annum for living allowance. The total loan amounts for fees (from the TFL, SL and other loans) should not exceed 100% of subsidised fees payable by the student.
• Students who have obtained loans amounting to 100% of tuition fees payable from either the CPF Education Scheme or a combination of the TFL and the CPF Education Scheme can borrow up to the maximum living allowance quantum only.
• Students who are awarded Mendaki fee subsidy and study loan can borrow up to the maximum living at banners quantum only.

Quantum

Note: SPR who take up both the Tuition Fee Loan and Study Loan will only be eligible to receive a total loan amount equivalent to the subsidized tuition fees payable by Singaporeans for a similar programme of study.

Guarantor requirements

• One guarantor between 21 – 60 years of age.
• Guarantor must not be an undischarged bankrupt.
• Requirement of a guarantor based on nationality:
• If applicant is a Singapore Citizen, provide a Singaporean guarantor
• If applicant is a Singapore Permanent Resident, provide a Singaporean / SPR guarantor
• Must not be a guarantor of more than 2 student loans at the same time.

Interest (Study Loan)

• The Study Loan is interest free for SC and SPRs with monthly PCI S$500.
• For SC and SPRs with PCI more than $500 and up to $2,400, the Study Loan is interest-bearing.
• Interest rate will be based on the average of the prevailing prime rate of Singapore’s 3 local banks namely DBS, OCBC and UOB, on the first day of each quarter or such other rates as may be determined from time to time.
• Interest will start accruing on the 1st day of the 3rd calendar month following graduation / withdrawal. For graduates / withdrawn students with remaining National Service (NS) obligations, the same interest commencement date will apply.

Repayment

• Repayment of loan can be in one lump sum or by equal monthly instalments commencing not later than six months from the date of graduation or upon securing employment, whichever is earlier.
• Payment of monthly instalment shall be made on 1st working day of each month.
• The minimum amount of repayment is S$100 per month.
• Repayment period:
  • Up to 5 years (if loan is interest waived) OR
  • Up to 20 years (if loan is interest bearing)
• In the event that the student leaves SIT without completing the programme of study, the loan outstanding will immediately become due and payable.

Late Payment Charge

Penalty interest will be levied at the rate of 1% per month on instalments in arrears.

Application Procedure

1. Students who wish to apply for the Study Loan are required to complete the Study Loan Application Form found in the Student Portal.
2. Students will need to print and submit the application form, checklist, declaration form, Study Loan Agreement and relevant supporting documents to the Student Services Division.
3. Successful applicants will be notified to collect a Study Loan Approval Letter.
4. Students are to bring their Study Loan Approval Letter and Study Loan Agreement to the bank with their guarantor during the application period.
5. Students are to submit a duplicate copy of the duly executed Study Loan Approval Letter and Study Loan Agreement to the SIT Finance Division within 3 days from the approval of the loan by the Bank.
6. Actual disbursement of the loan will be subject to MOE's confirmation of your Tuition Grant (TG) eligibility and point 5 above.
7. For those students with TG eligibility, the approved loan quantum will be net off from the tuition fee payable in each qualified semester.
8. If MOE confirms subsequently that you are not eligible for TG, this loan agreement will be void. All monies disbursed to you should be repaid immediately.

Terms and conditions apply.

Please click here to view all financial assistance application periods.

Updated as at 23 August 2011

Eligibility

• Full-time Singapore Citizen SIT undergraduates going for their Overseas Immersion Programme (OIP).
• Each student is entitled to receive the OSP loan only once during the course of study.
• Student must not concurrently hold other loans or aid that covers the full cost of the OIP.

Guarantor requirements

• One guarantor between 21-60 years of age.
• Guarantor must not be a full-time student or an undischarged bankrupt and must be gainfully employed.
• Guarantor must be a Singapore Citizen.

Interest

• Interest rate will be based on the average of the prevailing prime rate of Singapore's 3 local banks namely DBS, OCBC and UOB on the first day of each quarter or such rates as may be determined from time to time.
• Interest will start accruding on the 1st day of the 3rd calendar month following graduation / withdrawal. For graduates / withdrawn students with remaining National Service (NS) obligations, the same interest commencement date will apply.
• Example of interest commencement date: If you have graduated in June, interest will commence on 1st September of the same year. If you have graduated in December, interest will commence on 1st March of the following year.

Repayment

• Repayment of loan can be in one lump sum or by equal monthly instalments commencing not later than two years from the date of graduation of upon securing employment, whichever is earlier.
• Payment of monthly instalment shall be made on the 1st working day of each month.
• The minimum amount of repayment is S$100 per month and the maximum repayment period is 5 years.
• At the end of the OIP, if there is an unutilised loan amount, the student has the flexibility to return this amount to the bank as part of the loan settlement.
• In the event that the student leaves SIT without completing the programme of study, the loan outstanding will immediately become due and payable.

Application Procedures

1. Students who wish to apply for the OSP Loan are required to complete the OIP Financial Assistance Form found in the Student Portal.
2. Successful applicants will receive an OSP Loan Eligibility Letter in their SIT email accounts.
3. Students are to bring their OSP Loan Eligibility Letter and OSP Loan application form to the bank with their guarantor during the application period.
4. Students will need to submit a photocopy of the signed OSP Loan Application Form and Letter of Offer to SIT Finance Division within 3 days from the approval of the loan by the Bank.

Terms and conditions apply.

Students will be notified of the application period nearer to the date of their OIP.

Updated as at 23 August 2011

As a student taking a full-time government subsidised course leading to a degree at an approved educational institution, you may apply for a loan from your own or your parent's CPF savings to pay for your tuition fees.

Eligibility

• Full-time students studying in the MOE-subsidised degree programmes.

Quantum

• Up to 100% of subsidised tuition fee payable by undergraduate students.
• CPF member may only use up to 40% of accumulated savings in the ordinary account, excluding amounts withdrawn for housing.
• The CPF Education Scheme does not cover annual fees, Overseas Immersion Programme and additional charges for the top-up or bridging modules.

Guarantor requirements

• The CPF Board has waived the requirement for a student to provide a guarantor for new applications received with effect from 1 April 2005. However, the CPF Board reserves the right to require a student to furnish a guarantor acceptable to the Board when it is deemed necessary.

Interest

• Interest starts accruing from the day of withdrawal and is pegged to the prevailing CPF Ordinary Account interest rate.

Repayment

• Repayment will start one year after the date of graduation or date of leaving the educational institution, whichever is earlier.
• The repayment can be made in one lump or in monthly instalments over a maximum period of 12 years. The minimum repayment per month is S$100.

Application Procedure

Please log on with your SingPass to ‘myCPF online services’ and submit your online application via ‘My Requests’.? Details on the scheme can be found at http://mycpf.cpf.gov.sg/Members/Gen-Info/Features/CPFEdn_Scheme.htm

Other information

• Please click here for the application schedule.
• Further Information on the CPF Education Scheme can be found at CPF FAQs and hardcopies of the EDUCATION division forms are available here.
• Please contact CPFB Education Scheme Division at tel: 6229 3377 or email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it if you have further queries.

Please click here to view all financial assistance application periods.

Updated as at 10 April 2012