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Tuition Fee Loan Scheme
Who are eligible?
All full-time subsidised diploma students regardless of citizenship can apply
for the loan. Students who are receiving full Tertiary Tuition Fee from Mendaki
or who are using CPF savings to pay full tuition fees are NOT eligible.
What is the loan amount I can take up?
You may take up a loan of up
to 75% of the tuition fees payable. The scheme does not cover supplementary fees.
Will I be charged interest?
Yes, you will be charged interest at the prevailing average prime rate of
the three local banks; i.e, DBS, OCBC and UOB. Interest will accrue from 1st June
in the year of graduation for borrowers who graduate in the 1st half of the year and 1st December in the year of graduation for borrowers who graduate in the 2nd half of the year. For those with NS obligation, the interest
will be charged 1 month after ORD.
What is the repayment period and when do I start to pay?
The repayment period is 10 years. You will start
to pay 1 year after your graduation, or leaving the course, whichever is earlier.
For those with NS obligation, repayment will commence 1 year after completion
of NS.
What is the minimum amount of repayment a month?
The
minimum amount is $100 per month.
Where can I obtain an application form?
Application forms are available at the Student Services Centre.
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Last updated on 12 May 2008 by Doris Chng
Email: NYP Finance
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