CPF Education Loan Scheme Singapore: Funding Your Future Studies

A student in Singapore applies for CPF education loan at a bank

If you’re a Singaporean student looking for financial support to pay for your tuition fees, the CPF Education Loan Scheme might be a good option for you. The CPF Education Loan Scheme is a loan scheme that allows you to use your CPF OA savings to fund up to 100% of your own, children’s, spouse’s, or sibling’s subsidised tuition fees. This scheme is designed to help Singaporeans access affordable education and achieve their academic goals.

Understanding CPF Education Loan Scheme

The CPF Education Loan Scheme is a loan scheme offered by the Central Provident Fund (CPF) Board that allows you to use your CPF OA savings to fund your tuition fees. This scheme is available to Singaporean citizens, permanent residents, and international students who are receiving the MOE Tuition Grant. The loan covers up to 100% of the subsidised tuition fees payable by undergraduate students. However, it cannot be used to pay for the compulsory miscellaneous fees and hostel fees.

Applying for CPF Education Loans

To apply for the CPF Education Loan Scheme, you need to submit an application form to the CPF Board. The application form is available online, and you can also obtain a hard copy from the CPF Board office. You need to provide your personal details, course details, and the amount of loan you require. You also need to provide supporting documents, such as your NRIC, admission letter, and income documents. The CPF Board will assess your application and inform you of the outcome within 14 working days.

Key Takeaways

  • The CPF Education Loan Scheme is a loan scheme that allows you to use your CPF OA savings to fund up to 100% of your tuition fees.
  • The loan covers up to 100% of the subsidised tuition fees payable by undergraduate students.
  • To apply for the CPF Education Loan Scheme, you need to submit an application form to the CPF Board.

Understanding CPF Education Loan Scheme

A student sitting at a desk, surrounded by textbooks and a laptop, filling out CPF Education Loan Scheme application forms

If you’re looking for a way to finance your own or your family member’s education in Singapore, the CPF Education Loan Scheme might be the solution you need. This scheme allows you to use your CPF savings to pay for subsidised tuition fees at approved educational institutions (AEIs). In this section, we’ll take a closer look at the key features of the CPF Education Loan Scheme and the eligibility criteria you need to meet to apply.

Key Features of CPF Education Loan

The CPF Education Loan Scheme is a loan scheme that allows you to use your Ordinary Account (OA) savings to pay for subsidised tuition fees. Here are some key features you need to know:

  • You can use the loan to pay for your own, children’s, spouse’s, siblings’, or relatives’ subsidised tuition fees for full-time diploma or degree courses at approved educational institutions.
  • You can borrow up to 100% of the subsidised tuition fees payable by you or your family member.
  • The interest rate for the loan is 2.5% per annum, which is lower than the interest rate for most education loans offered by banks.
  • You have to start repaying the loan one month after graduation or termination of studies, whichever is earlier. The repayment period is up to 12 years or before you turn 55 years old, whichever is earlier.
  • You can make repayments using your CPF savings or cash. If you use your CPF savings, the amount will be deducted from your OA and Special Account (SA) balances.

Eligibility Criteria

To apply for the CPF Education Loan Scheme, you must meet the following eligibility criteria:

  • You must be a CPF member with sufficient OA savings to cover the subsidised tuition fees payable.
  • You must not have reached your CPF withdrawal limit for education.
  • You or your family member must be enrolled in a full-time subsidised diploma or degree course at an approved educational institution.
  • You or your family member must not be receiving any other government or private education grants or scholarships that cover the subsidised tuition fees.

To apply for the CPF Education Loan Scheme, you need to submit an application form to the CPF Board. The application form can be downloaded from the CPF website, and you need to provide supporting documents such as your identity card, proof of enrolment, and course fee statement.

Overall, the CPF Education Loan Scheme is a great way to finance your education or your family member’s education in Singapore. With its low-interest rate and flexible repayment period, it can help you manage your finances better while pursuing your academic goals.

Applying for CPF Education Loans

A student fills out CPF Education Loan application form at a desk in a quiet, well-lit room. The student carefully reviews the form before submitting it

If you are interested in applying for a CPF Education Loan, there are a few important things you need to know. In this section, we will cover the application schedule and the required documents.

Application Schedule

The CPF Education Loan Scheme online application period for each semester is shown in the table below. You can find the exact application dates on the CPF Board website. It is important to