Higher Education Student Loan (HESL) Scheme

From 1 July 2026, the Higher Education Student Loan (HESL) scheme will be implemented to replace the existing Government loan schemes – MOE Tuition Fee Loan (TFL), MOE Study Loan (SL) and MOE Overseas Student Programme Loan (OSPL).

What is HESL Scheme and how can I apply?

The HESL scheme will provide loans to cover the tuition fees payable and an annual living allowance. Students who need help to finance their tertiary studies when they pursue the approved MOE-subsidised undergraduate (UG) and postgraduate (PG) programmes at SIT can apply for the HESL. Undergraduate students who need help to finance the cost of participating in overseas student programmes approved by the PSEIs can also apply for the HESL.

The application window for the existing Government loan schemes will close on 31 May 2026. Students who wish to apply for a loan after the above cut-off dates can apply for the HESL via the new StudentLoanSG portal (SLSG) when it is launched from 1 July 2026, 10am.

The SLSG portal will accept HESL applications from the following students who have a Singpass account:

• Newly matriculated students in Academic Year (AY) 2026 intake;
• Existing students (matriculated before the AY2026 intake) who do not have TFL or SL for their current course of study.

Existing students who have taken up the TFL and/or SL will continue with their current loan provisions. No action is required unless they wish to apply for new or additional loan provision(s) under the HESL scheme. Students may enquire on their eligibility for HESL from 1 September 2026 by approaching the Admissions and Financial Aid Division.

Details of the HESL Scheme 

The HESL consists of two components: 

a. Non-Means-Tested Base Provision 

• All students including Singapore Citizen (SC), Singapore Permanent Resident (SPR) and International Student (IS) can apply.
• Covers up to 90% of the subsidised fees payable, depending on the citizenship of the student. 

b. Means-Tested Provision 

• Eligible SC students – Covers the balance of their tuition fees which is not covered by the base provision, loan for living allowance, and cost of overseas student programmes (for undergraduates only).
• Eligible SPR and IS – Covers loan for living allowance only.
   
  • Who is Eligible for Means-Tested Provision? 
    - SC and SPR with gross monthly household per capita income (PCI)¹ of $3,500 or less. 
    - IS with gross monthly household PCI of $1,875 or less. 
     

Students will be able to decide if they wish to take up the Base Provision only, or both Base Provision and Means-Tested Provision. 

Within the Means-Tested Provision, SC students can also decide if they want the loan to cover the tuition fee balance only, loan for living allowance only, cost of overseas programme only², or a combination of any of these three. 

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¹ Monthly PCI is computed based on total monthly gross household income (GHI) divided by the number of family members living in the same household as the student loan applicant. 

² Students who are interested to apply for a loan that covers the cost of overseas programme may approach the Global Experience Office at GED@singaporetech.edu.sg for more information about HESL Overseas Student Programme component.

HESL Coverage

^^ Note: Please approach the Global Experience Office at GED@singaporetech.edu.sg for more information about HESL for the Overseas Student Programme component.

Guarantor Requirements 

One guarantor between 21-60 years of age (based on guarantor’s age at the point of application):

• Must not be an undischarged bankrupt.
• Nationality of guarantor: 
  - SC guarantor for SC applicants. 
  - SC or PR guarantor for PR applicants. 
  - SC, PR or foreigner for IS applicants.

Loan Interest Rate 

The HESL scheme is interest-free during the course of study and interest will start only upon student’s graduation or leaving the institution. The following interest rates are applicable: 

The interest rates will be revised on a half-yearly basis based on the 3M SORA¹ published on the Monetary Authority of Singapore’s (MAS) website  on: 

• 1 March² for the period 1 April to 30 September, or
• 1 September² for the period 1 October to 31 March of the following calendar year. 

You can also visit DBS website for the applicable interest rates for the HESL. 

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¹SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. The 3-month compounded SORA is the rolling compounded average of daily SORA over the past respective period. 

²If 1 March or 1 September falls on a weekend and/or a public holiday when the 3M SORA rates are not published by MAS, we will take the 3M SORA published on the MAS website on the last preceding business day in Singapore. For example, if 1 September is a Saturday, we will take the 3M SORA published on MAS website on 31 August. 

Loan Repayment 

The maximum repayment period for the HESL is 10 years. 

• Repayment of loan can be in one lump sum or by equal monthly instalments commencing not later than one year from the date of graduation.
• The minimum amount of repayment is S$100 per month.
• If the student leaves SIT without completing the programme of study, the loan outstanding will immediately become due and payable.

More information on the Means-tested Provision will be shared soon. You may also send us an email at FAS@singaporetech.edu.sg or call us via 65921136 for enquiries.