The National University of Singapore (NUS) is one of the top universities in the world. It offers an extensive range of undergraduate programmes for students across the world. NUS also provides financial assistance to students via their study loans. NUS Study Loan is an NUS administered scheme that is available for undergraduates for their entire course duration.
Let’s Take a Look at the Value of the Loan
Your loan amount will be determined based on how much funds you need for completing your course as well as other eligibility parameters. Take a look at the table below for additional details:
Per Capita Income (PCI)
||Singapore Citizens & Singapore Permanent Residents (PCI ? S$2,700)
Students who have other schemes or scholarships covering only 100% of the tuition fee they need to pay (excluding living allowance)
|International students (PCI ? S$1,200)
|NUS Study Loan to be given
- A loan amount that comprises 10% or 20% of the tuition fee (subsidised) that is payable by a Singapore citizen; or
- A loan amount that covers the subsidised tuition fee payable (10% or 20%) by a Singapore citizen + up to S$3,600 living allowance p.a.
- A loan amount of up to S$3,600 for living allowance p.a.
- A 0% interest loan may be given to students who are very badly in need of it (Singapore citizen or Singapore Permanent Resident students).
- An interest-bearing loan (after a student’s graduation, interest will be charged based on the average prime rate of OCBC, UOB, and DBS).
|What is needed
CPF Education Scheme or/and MENDAKI Tertiary Tuition Fee Subsidy or/and Tuition Fee Loan which covers a minimum of 80% or 90% of the tuition fee payable (subsidised) by a Singapore citizen.
||In receipt of other schemes or scholarship that covers only 100% of the tuition fee (subsidised) that needs to be paid (excludes living allowance)
- Interest bearing loan: Up to 20 years
- Interest-free loan: Up to 5 years
How is the Monthly Per Capita Household Income Calculated?
You can calculate the monthly per capita household income by dividing the total income of all individuals in the household by the number of individuals.
Who are Eligible to Apply for an NUS Study Loan?
- You’ll qualify for this loan provided you comply with the following conditions:
- You’re an undergraduate under the MOE Tuition Grant Scheme.
- You’re either a Singapore citizen or a Singapore permanent resident who is paying the complete fee.
- When assessed, you need to be eligible for the loan.
- In case you’re an international undergraduate who is paying the complete fee, you’ll not be eligible.
- You’ll qualify for the loan as an international undergraduate only if you’ve not utilised your MOE Tuition Grant subsidy and you’ve signed up for the NUS Study Loan prior to you being charged the entire tuition fee rate.
- You’ll qualify if you’re a 5th year undergraduate student who is taking a double-degree programme (coverage percentage will depend only on the subsidised tuition fee rate).
- You’ll qualify if you’re an undergraduate student who is reading either the special term or iBLOC modules (tuition fee alone is applicable).
- You can apply for the NUS Study Loan if you’re a Singapore citizen who is a part-time undergraduate (you’ll not be provided with the living allowance loan).
Please note: If you’re an undergraduate who is studying a concurrent degree programme, you’ll not qualify for the loan after you’ve been charged a graduate tuition fee.
How Does the Repayment Work?
- Your loan repayment period will be initiated after 6 months of you being graduated or once you’re employed (whichever happens earlier will be considered).
- Your repayment can either be in fixed equal instalments on a monthly basis or via one lump sum.
- If you opt for monthly instalments, you need to pay at least S$100 each month.
- If you’ve taken up an interest-free loan, your repayment term can extend up to 5 years.
- If you’ve taken up an interest-bearing loan, your repayment term can extend up to 20 years.
- For an interest-bearing loan, your interest computation will commence post your graduation depending on the average prime rate of OCBC, UOB, and DBS.
- After you’ve graduated, you can use your Post-Secondary Education Account (PSEA) balance in order to repay your loan. Also, if you want to sign up for PSEA, you have to mandatorily submit your application form to the Ministry of Education (MOE) directly.
Is a Guarantor Required To Apply for This Student Loan?
- Yes, a guarantor is necessary.
- Your guarantor should not be bankrupt.
- Your guarantor’s age should be between 21 years and 60 years.
- If you’re a Singapore citizen student, your guarantor needs to be a Singapore citizen only.
- If you’re a Singapore permanent resident student, either a Singapore citizen or a Singapore permanent resident can be your guarantor.
- If you’re an international student, you can present a guarantor who is a Singapore citizen, a Singapore permanent resident or a non-Singaporean.
Learn About the Application Procedure
- You need to apply for financial aid via the official website of NUS to get considered for the study loan. The application form will differ based on whether you’re a prospective student or an existing undergraduate student.
- In case you’re an existing NUS Study Loan receiver who has changed your course and you’ve been charged a new tuition fee amount, you need to intimate this information to DBS. By doing this, the bank authorities will be able to update your information accordingly.
- If you’re an undergraduate who has moved from another local university and you’ve taken the study loan for a previous course, you will have to submit a new loan application form in order to sign up for the NUS Study Loan to get coverage for your undergraduate course in the National University of Singapore.
How is the Loan Amount Disbursed to You?
Once you’ve successfully complied with all the terms and conditions of the NUS Study Loan, the Office of Financial Services will credit the loan amount to your bank account twice on a yearly basis via two equal denominations. It will be credited around September & February in a year. Also, the complete fees that are payable to the University will be deducted prior to the crediting.