Singapore Institute of Technology (SIT) Tuition Fee Loan Scheme

The Tuition Fee Loan Scheme offered by the Singapore Institute of Technology offers up to 90% of subsidised fees payable by undergraduate Singapore students. With this loan scheme, you will not be paying any interest during the course of study. You will have to arrange a guarantor to apply to this loan who must fulfil certain criteria. DBS Bank will handle the disbursement and administration of all Study Loan Schemes and Tuition Fee Loan at Singapore Institute of Technology.

What Are the Eligibility Criteria for Students?

To apply to this loan, you will have to fulfil the following conditions:

  1. Permanent Residents and citizens of Singapore who are full-time students at Singapore Institute of Technology.
  2. If you are a foreign national, you should be getting the Ministry of Education Tuition Grant as those paying tuition fees which are not subsidised will not be eligible.
  3. Permanent Residents and citizens of Singapore holding A-level certification or non-accredited diplomas pursuing undergraduate degrees must take up bridging/top-up modules.

What Are the Eligibility Criteria for Guarantor?

The guarantor will have to fulfil the following criteria:

  • He/she must be between 21 and 60 years old and should not be an un-discharged bankrupt.
  • No income qualification is required.
  • A loan applicant who is a:
    • Singaporean must arrange for a guarantor who is also Singaporean.
    • Permanent Resident must arrange for a guarantor who is either a Singaporean or a Permanent Resident.
    • International students can arrange for a guarantor of any nationality.
  • A person should not ideally stand-in for more than two loans considering the financial consequences associated with it.

What Is the Quantum of Loan?

The quantum of loan will be based on the following two criterion:

  • If you are a Permanent Resident or a citizen of Singapore or a foreign national getting the MOE Tuition Grant, you will get up to 90% of the tuition fees which is subsidised, payable by citizens of Singapore.
  • If you are a Permanent Resident or a citizen of Singapore holding non-accredited diplomas or A-level certification, you will get up to 22.5% of the fees which is not subsidised for bridging/top-up modules.

Do note that the loan quantum does not cover incidental fees and annual fees.

How is the Loan Interest Calculated?

The loan interest will be calculated and will accrue as follows:

  • The interest will be the average of the current prime rate of Singapore's three local banks which are UOB, OCBC and DBS on the first day of each quarter.
  • The interest will start accumulating from the first day of the third month after you graduate. For students who have withdrawn from the course or graduates with pending National Service obligations, the same interest starting date will apply.

For instance, if you graduate in December, interest will commence from 1 March of the following year. On the other hand, if you graduate in June, interest will commence from 1 September of the same year. Penalty interest will be applicable at the rate of 1%/month on instalments if you default on your payments.

How Can I Repay the Loan?

The various factors associated with the repayment of the loan are as follows:

  • You can repay your loan in equal monthly instalments or in one lump sum. You must start paying the instalments when you secure a job or within two years from the time of your graduation, whichever comes first.
  • The minimum amount to be repaid every month is S$100 and you can pay the amount over a maximum period of 20 years.
  • If you leave the course without completing it, the outstanding amount will be due and payable immediately. However, the university may, at its discretion, allow you to pay the outstanding amount in instalments.

Usage of Post Secondary Education Account (PSEA) for Repaying Approved Loans

You can use funds from your PSEA for repaying your loans in the following ways:

  • If you have a PSEA, you can use the funds in this account to repay approved loan schemes. The minimum withdrawal amount is S$100, based on the minimum monthly repayment sum.
  • If you have a PSEA, you can use the funds to repay your Tuition Fee Loan after you successfully graduate from the programme.
  • If you have a PSEA, you can use the funds to repay the principal amount and interest charged or any financing scheme payable by you as part of the unsettled loan.

How Can I Apply for This Tuition Fee Loan Scheme?

To apply for this loan scheme, you will have to take the following steps:

  • If you are an undergraduate student, you must log into IN4SIT and submit an online application and create the Letter of Late Endorsement and Loan Agreement Form.
  • You must also present a copy of the Student Matriculation Card or SIT Letter of Offer along with the Letter of Late Endorsement and the fully filled-in form for loan application when you apply at a DBS branch.
  • If you are applying for a loan scheme as a full-time postgraduate student, you will have to download the application form from the college website.

What Are the Application Deadlines?

Tuition Fee Loan Commencement For Each Academic Year Programmes On a Trimester Basis Programmes On a Semester Basis
Deadline for application form submission to DBS Deadline for application through IN4SIT Deadline for application form submission to DBS Deadline for online application through IN4SIT
Term 2 28 December 2018 21 December 2018 28 December 2018 21 December 2018
Term 3 29 March 2019 22 March 2019 NA NA

To find out more about this loan scheme, make sure you understand the terms and conditions applicable and also go through the DBS website to get more information.

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