NYP Study Loan

Who are eligible and how much can I loan up to? 

All full-time diploma students regardless of citizenship can apply for the loan which comprises TWO components:
 

Component A : A loan of up to 25% of tuition fees payable

Student must already be on one of the following 4 schemes to cover at least 75% of tuition fees:

• Tuition Fee Loan Scheme

• CPF Approved Education Scheme

• Mendaki Tertiary Fee Subsidy Scheme

• Post Secondary Education Account (PSEA)

Component B : A loan of up to $2,000 (Singapore Citizens & Singapore Permanent Residents) or $1,000 (Other Nationalities) for any 2 consecutive semesters to meet living expenses

Applications for Component B alone are permissible only if tuition fees have been paid in full. If you have tuition fees of up to 25% still owing to the Polytechnic at the point of application for the above, you will have to apply for Component A first before applying for Component B.

Will I be charged interest? 

Your family income determines which loan (interest-free/with interest) you will be awarded. 

@: Gross Income of all family members in the same household / No. of Dependents in same household

Interest on the Tier 2 loan will be charged upon graduation at the same rate as the Tuition Fee Loan Scheme; i.e., average of prime rate of DBS, OCBC and UOB.

What is the repayment period and when do I start to pay? 

The repayment of the loan can be made in one lump sum payment or by monthly instalments commencing 6 months after graduation or on graduate securing employment, whichever is earlier.  Students who are required to perform National Service are however allowed to commence repayment of the loan 2 months after ORD.

The maximum repayment period in respect of the loans under the 2-tier loan system is:
                   Tier 1 (interest-free)   :           2 years
                  *Tier 2 (with interest)   :           5 years

The minimum monthly instalment payment is $100.  Penalty interest will be charged at the rate of 1% per month on instalments in arrears.

If a student leaves the Polytechnic without completing the course of study, the loan amount will immediately become due and payable.  He may repay the outstanding sum by monthly instalments on such terms and conditions as the Polytechnic may, on a case-by-case basis, determine.

The repayment of instalment amounts shall be made through Interbank GIRO.

Where can I obtain an application form? 

The application form can be downloaded here. Submit completed application forms to the Student Services Centre (Blk A level 2).  Hardcopies of the application forms are also available at the Student Services Centre.