Tuition Fee Loan Scheme – Singapore Management University
The Tuition Fee Loan provided by SMU is funded by the Government of Singapore and you can get a loan amount of up to 90% of the subsidised fees that an undergraduate student who is a Singapore citizen has to pay. However, you will not get any amount for your annual/miscellaneous fees as part of this loan scheme and the quantum of the loan amount is pegged to the subsidised tuition fees. The interest rate is not applied during the course of study and is computed only upon graduation.
What Are the Eligibility Criteria for Students?
You will have to fulfil the following conditions to apply to this loan:
- You should be a full-time undergraduate student who is not paying the entire tuition fee.
- Do go through the SMU application form for other sets of undergraduate students who are not qualified.
What Are the Eligibility Criteria for Guarantor?
The guarantor will have to fulfil the following criteria:
- He/she can be of any nationality if you are a non-Singaporean (foreigner).
- He/she can be either a Permanent Resident or Singapore citizen if you are a Permanent Resident.
- He/she must be a citizen of Singapore if you are a Singapore citizen.
- He/she must not serve as a guarantor for more than two student loans, including yours.
- He/she must be between 21 and 60 years old and should not be an un-discharged bankrupt.
What Are the Conditions Associated with the Repayment?
The various factors associated with the repayment of the loan are as follows:
- You must start repaying the loan in instalments when you secure a job or within two years from the time of your graduation, whichever comes first.
- The minimum amount that you have to repay every month is S$100 and you can pay the amount over a maximum period of 20 years.
The interest rate applied is the average prime rate of three local banks namely DBS, OCBC and UOB. The interest rate is currently 4.75% p.a. which is subject to change.
Points to Consider Before You Apply
- 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 the form of instalments.
- You have to pay the interest and loan amount to Singapore Management University.
How Can I Apply to This Tuition Fee Loan Scheme
If you wish to apply, you will have to do so via the student portal or OASIS (the self-service mobile application – Financial Aid Application). You can use your student computer account, username and password to log in.
Currently, the financing for Term 1 is closed while for Term 2, the process will be open from November to December 2018 (the exact dates have not been updated yet). To know more about this loan scheme you can contact the Centre for Student Financial Assistance, SMU at 81 Victoria Street, Level 3 SMU Administration Building, Singapore 188065 or email them at [email protected]