Read the latest news about Education Loan in Singapore and the best money saving tips.
How much do you need for an education loan?
The cost of education depends on the university you attend and the course you’re taking. Attending a more prestigious university, studying a specialised course such as law and medicine, or taking a postgraduate degree, would be more costly. This could require an education loan, which is a type of personal loan, that offers a higher maximum loan amount.
What are some ways you can fund your university education?
Besides relying on family members who are able to support your university education financially, here are other ways to finance your education:
When do you start paying off your education loan?
Most tuition loans allow you to start paying off your education loan after graduation. This also means that you do not incur interest during your course of study. Keep in mind that the earlier you pay off your loan, the less you pay in interest fees.
Here’s an article with tips for university graduates to clear tuition fee loans quickly.
What are the tenures and maximum APR for each loan?
|Education Loan||Min. Repayment||Max. Repayment||Max. APR||Total Loan (Based on S$30k across 3 years)|
|OCBC FRANK Education Loan||1 year||8 years||4.65%||S$32,862|
|Maybank Monthly Rest Education Loan||1 year||10 years||4.42%||S$32,856|
|CIMB Monthly Rest Education Loan||1 year||10 years||4.42%||S$32,862|
|POSB Further Study Assist||1 year||10 years||4.53%||S$32,777.56|