If you’re a student in Singapore looking for financial assistance to pursue tertiary education, you may want to consider the Mendaki Student Loan. Mendaki, which stands for the Malay-Muslim community self-help group, offers interest-free loans to Muslim students who require financial aid. The aim of the loan is to uplift the educational performance of the Muslim community in Singapore.
To be eligible for the Mendaki Student Loan, you must be a Singapore citizen or a permanent resident who is Muslim and enrolled in a full-time diploma or undergraduate programme in a local institution. You must also have a gross monthly household income of $4,000 or less, or a per capita income of $1,500 or less. The loan covers tuition fees, as well as other expenses such as living expenses, books, and equipment.
If you’re considering applying for the Mendaki Student Loan, it’s important to understand the application process, the repayment process, and other financial management tips. Additionally, there are other tertiary education funding options available in Singapore that you may want to consider. Let’s explore these topics in more detail below.
Key Takeaways
- The Mendaki Student Loan is an interest-free loan offered to Muslim students in Singapore who require financial aid to pursue tertiary education.
- To be eligible for the loan, you must meet certain criteria such as being a Singapore citizen or permanent resident who is Muslim and enrolled in a full-time diploma or undergraduate programme in a local institution.
- Understanding the application process, repayment process, and other financial management tips, as well as exploring other tertiary education funding options, can help you make informed decisions about pursuing your education in Singapore.
Understanding Mendaki Student Loans
If you’re a Singaporean Muslim student looking for financial assistance to pursue a full-time diploma or degree course, the Mendaki Study Loan Full Time might be the solution you need. The loan is interest-free and open to all Muslim Singaporeans and permanent residents.
Eligibility Criteria
To be eligible for the Mendaki Study Loan Full Time, you must meet the following criteria:
- You must be a Singaporean Muslim or a permanent resident.
- You must be enrolled in a full-time diploma or degree course at a government or accredited private tertiary institution.
- You must have a valid NRIC.
- You must have a guarantor who is a Singaporean or a permanent resident.
- You must provide a CPF statement for the last 12 months.
Loan Quantum and Subsidies
The Mendaki Study Loan Full Time provides up to $10,000 per academic year to part-finance your tuition fee. In addition to the loan, you may also be eligible for the Tertiary Tuition Fee Subsidy (TTFS) provided by Mendaki. The TTFS provides up to 90% of the tuition fee subsidy for eligible students.
Application Process
To apply for the Mendaki Study Loan Full Time, you need to follow these steps:
- Log in to your MyMendaki portal account.
- Complete the online application form and upload the required documents.
- Submit the application form and wait for the approval.
- Sign the loan agreement and provide the guarantor’s signature.
- Receive the loan amount in your designated bank account.
It is important to note that incomplete applications will not be processed. Also, make sure that your guarantor understands their responsibilities before signing the loan agreement.
In conclusion, the Mendaki Study Loan Full Time is a great opportunity for Muslim Singaporean students to pursue their education without worrying about financial constraints. Take advantage of this interest-free loan and the TTFS to achieve your academic goals.
Tertiary Education Funding Options
As a Singaporean citizen pursuing tertiary education, you have various funding options available to you. These options include tuition fee loan schemes, scholarships, and bursaries.
Tuition Fee Loan Schemes
Tuition fee loan schemes provide interest-free loans to eligible students to help them pay for their tuition fees. The Supplementary Assistance Loan Scheme (SAL) is one such scheme that provides additional financial assistance to students who require it.
To apply for a tuition fee loan, you need to submit an IRAS form to your tertiary institution. The loan amount is disbursed directly to your institution, and you have to repay the loan after you graduate.
Scholarships and Bursaries
Scholarships and bursaries are awards that are given to students based on their educational performance. These awards can help cover your tuition fees, living expenses, and other costs associated with your course of study.
Mendaki offers various scholarships and bursaries to Singaporean citizens pursuing tertiary education. For example, the Tertiary Tuition Fee Subsidy (TTFS) is a subsidy that provides financial assistance to students pursuing their diploma in Polytechnics, BCA Academy, and ITE (Technical Engineering Diploma). The subsidy is ongoing till 30 April 2024.
Other scholarships and bursaries are available from tertiary institutions themselves, as well as from external organizations. You can check the websites of your chosen institution or organizations to see what scholarships and bursaries are available to you.
With these funding options available, you can pursue your tertiary education without worrying too much about the financial burden. Remember to research and apply for the funding options that are most suitable for your needs.
Repayment and Financial Management
Managing finances can be a daunting task, especially when you have a student loan to repay. However, with the right tools and knowledge, you can easily manage your Mendaki student loan repayment and stay on top of your finances. In this section, we will discuss the loan repayment terms, deferment options, and financial hardship assistance available to you.
Loan Repayment Terms
Mendaki offers flexible loan repayment terms to make it easier for you to manage your finances. You can choose to repay your loan through internet banking, GIRO, NETS, PayNow, QR code payment, or by cheque. It is important to note that repayment of the loan will commence one month after the first loan disbursement at $50 monthly. Six months after the completion of your course, the repayment amount will increase to $100 monthly for diploma level, $250 monthly for normal degree level, and $500 monthly for medicine courses.
Deferment and Financial Hardship
If you are facing financial hardship or are unable to repay your loan due to unforeseen circumstances, Mendaki offers deferment options. You can apply for deferment if you are an undischarged bankrupt, have been retrenched, or are facing financial difficulties due to illness or disability. You can also apply for deferment if you are serving national service or are pursuing further studies.
In addition to deferment, Mendaki also offers financial hardship assistance to loan holders who are facing financial difficulties. You can contact Mendaki for more information on the assistance available to you.
It is important to manage your finances wisely and make timely repayments to avoid any penalties or interest charges. DBS/POSB and self-help groups can also provide financial advice and assistance to help you manage your finances better. With the right tools and knowledge, you can easily manage your Mendaki student loan repayment and stay on top of your finances.
Support for Specific Groups
MENDAKI provides support to various groups of students in Singapore. Here are some of the specific groups that MENDAKI offers assistance to.
Assistance for Malay and Muslim Students
If you are a Malay or Muslim student in Singapore, you can benefit from the MENDAKI Study Loan. This loan is interest-free and aims to uplift the educational performance of the Muslim community by providing financial aid to students who require it. The loan is available for both full-time diploma and degree courses, both locally and overseas.
In addition to the Study Loan, MENDAKI also offers the Education Trust Fund – Global Radiance Group Assistance Scheme (TETA & TNTA Programmes Bursary), the Education Trust Fund – Nomanbhoy Bursary, and the SM Jaleel Foundation – Education Trust Fund Assistance Scheme (Bursary). These schemes provide financial assistance to Malay and Muslim students who need help to pursue their education.
Support for Singapore Permanent Residents
MENDAKI also provides support to Singapore Permanent Residents (PRs) who are studying in Singapore. PRs can apply for the MENDAKI Study Loan Full-Time (Local National) to help finance their full-time diploma or degree courses. The loan is interest-free and is available to all Muslim students, regardless of their nationality.
If you are a PR studying in Singapore, you can also apply for the Education Trust Fund – Global Radiance Group Assistance Scheme (TETA & TNTA Programmes Bursary), the Education Trust Fund – Nomanbhoy Bursary, and the SM Jaleel Foundation – Education Trust Fund Assistance Scheme (Bursary). These schemes provide financial assistance to PRs who need help to pursue their education.
Overall, MENDAKI provides a range of financial aid schemes to support Malay and Muslim students, as well as Singapore Permanent Residents, in their pursuit of education. If you require financial assistance, you can visit the MENDAKI office at Wisma MENDAKI on Kee Sun Avenue, or check out their website for more information.
Additional Resources and Contacts
Mendaki and Community Involvement
Mendaki is a self-help group dedicated to empowering the Singapore Malay/Muslim community through excellence in education. They offer a variety of resources and support services to help Singaporeans attain their educational goals, including interest-free loans for students who require financial aid.
Mendaki also encourages community involvement through various initiatives, such as the Community of Success programme, Women at Work Forum, and Tech Industry engagement. They believe that by working together, the community can achieve greater success and create a brighter future for all.
Enquiries and Support Services
If you have any questions or need support regarding Mendaki’s services, there are several ways to get in touch. You can visit their website at mendaki.org.sg or call their hotline at +65 6245 5555.
For specific enquiries about student loans, you can contact the Loans Committee at +65 6245 5555 or email them at loans@mendaki.org.sg. They can provide information on the application process, eligibility criteria, and repayment options for Mendaki’s Study Loan Full-Time (Local National) and other loan schemes.
If you’re a student enrolled in an Institute of Technical Education (ITE), polytechnic, or university, you may also be eligible for other financial assistance schemes such as the Tuition Fee Loan or CPF Education Loan. You can find more information on these schemes on the Ministry of Education (MOE) website.
Finally, Mendaki also offers a range of other resources and programmes to support individuals in their education and career journeys. These include the Supplementary Assistance Loan Scheme (SAS), which provides interest-free loans for part-time diploma and degree courses, and the Dr Jai Prashanth Rao Scholarship, which supports students pursuing degrees in engineering at the BCA Academy.
Whether you’re celebrating knowledge during Lunar New Year with MendakiSG or learning about online safety during Safer Internet Day with IMDA’s Scam Me If You Can! programme, Mendaki is committed to helping you become FutureReady.
Frequently Asked Questions
How can I apply for the MENDAKI Study Loan for a part-time degree programme?
If you are a Muslim Singaporean or a Singapore Permanent Resident pursuing a part-time degree programme, you can apply for the MENDAKI Study Loan. To apply, you need to submit your application online through the MENDAKI website. You will also need to provide supporting documents such as your NRIC, income statements, and academic transcripts.
What are the eligibility criteria for the MENDAKI Study Loan for private institutions?
To be eligible for the MENDAKI Study Loan for private institutions, you must be a Muslim Singaporean or a Singapore Permanent Resident pursuing a full-time or part-time diploma or degree course at an accredited private tertiary institution. You must also have a monthly per capita income (PCI) of $2,000 or less.
Are overseas studies covered under the MENDAKI Study Loan schemes?
No, the MENDAKI Study Loan schemes do not cover overseas studies. The loans are only available for students pursuing full-time or part-time diploma or degree courses at government or accredited private tertiary institutions in Singapore.
What’s the process for repaying a MENDAKI student loan?
Repayment of the MENDAKI student loan starts six months after the completion of your studies. You will receive a repayment schedule outlining the amount and frequency of your repayments. You can make your repayments through GIRO or by cheque.
Is financial assistance available for all levels of study through MENDAKI?
MENDAKI provides financial assistance for students pursuing full-time or part-time diploma or degree courses at government or accredited private tertiary institutions in Singapore. The financial assistance includes interest-free study loans, bursaries, and grants.
Can international students access student loans in Singapore?
International students are not eligible for MENDAKI student loans. However, they may be eligible for other study loan schemes offered by financial institutions in Singapore. It is advisable to check with the respective financial institutions for more information on the eligibility criteria and application process.