Republic Polytechnic Tuition Fee Loan Scheme
Under the various financial schemes offered by the Government of Singapore, all eligible students will get the chance to pursue higher studies in Singapore whether it is in a college or a polytechnic. Republic Polytechnic offers a Tuition Fee Loan Scheme which is administered by DBS Bank.
Features of This Tuition Fee Loan Scheme
The primary features of the Tuition Fee Loan Scheme are as follows:
- No interest is charged during the duration of the study.
- A repayment period of not more than 10 years which will begin only after the course is over.
- The minimum monthly repayment amount each month is S$100.
- Get a loan of up to 75% of the tuition fees (subsidised).
How Can You Apply to this Loan?
You can apply to this loan by taking the following steps:
- Download the loan form from the website.
- Fill in the application form following which you and your guarantor can visit the bank personally and submit the form.
- Make sure you also have other documents at the time of submission like copies of identity cards, letter of admission for new students, student card for current students and offer letter.
What is the Eligibility Criteria for this Loan?
All full-time subsidized diploma students are eligible for this loan if they do not fall into the following categories:
- Use CPF savings to pay the entire subsidized tuition fees.
- Students who get the entire tuition fee subsidy from MENDAKI.
- Students getting any government/school/statutory board scholarships that cover tuition fees.
For students, there are no age restrictions or income requirement.
What is the Eligibility Criteria for the Guarantor?
The guarantor must fulfil the following eligibility criteria:
- He/she must be at least 21 years old and not older than 60 years.
- If you are a Permanent Resident of Singapore, the guarantor can be either a citizen of Singapore or a Permanent Resident.
- If you are an international student, the guarantor can be either a citizen of Singapore or a Permanent Resident.
- If you are a citizen of Singapore, your guarantor should also be a citizen of Singapore.
- He/she must not be an un-discharged bankrupt.
The period of application for the first semester is between February and May while for the second semester it is between August and November.
Is There Any Additional Information?
In addition to the eligibility criteria and the documents required, there are a few things that you need to know at the time of application. The following details might be useful for you when you apply for a student loan:
- The Tuition Fee Loan Scheme does not cover the purchase of a computer, hostel fees, and personal allowance.
- There are a few courses of study for which you will not be eligible for a Tuition Fee Loan.
- If you are an international student, the Tuition Fee Loan Scheme will begin only from the second semester in the year you get enrolled.
- When you fill in the application form you must write in block letters or it should be typewritten.
- If you are applying for the first time you have to mandatorily visit the bank together with your guarantor.
- You will also have to submit a copy of the bank endorsed loan application to the Republic Polytechnic One-Stop Centre.
Before you apply to this loan, make sure you go through the standard terms and conditions associated with this loan.