[Guide] 2021 Tuition Fees & Loans For Singapore Universities

In the past, pursuing a post-secondary education was a privilege for many. Yet today, an undergraduate degree is almost a rite of passage for every young adult. But what we don’t hear much about are the university tuition fees, interest rates and tuition payments that nobody prepares you for. 

Whether you are an incoming freshman who’s wondering how you can finance your education, or a parent who’s frantically Googling to prepare for your child’s university tuition fees, fret not – I have been exactly where you are. 

Although this read might not be the shortest, it is definitely a necessary one if you have no idea where to begin. Not only does it cover details on university fees for local and private universities in Singapore, it also covers loans, financial aid and other miscellaneous fees that you should know about.

1. Tuition Fees for Universities

MOE University Tuition Grant for Singaporeans and partial subsidies for PRs  

Singaporean citizens have the MOE university tuition grant to be thankful for – instead of paying for standard tuition fees, you are automatically eligible for a huge subsidy from the government for your undergraduate degree. However, with that said, some universities still require you to apply and register for the grant upon matriculation. 

Although Singaporean PRs are not eligible for the same privilege, your university tuition fees will also be partially subsidised for you, should you choose to opt for it. 

Although the table above provides a comprehensive summary of the amount of tuition payments,  these fees are for mainstream undergraduate degrees such as engineering, communications, arts and social sciences, and business, etc. 

Payment dates

As a heads up, remember to prepare the lump sum of money every semester for (chances are you will probably get a small penalty fee if you make a late payment!) Tuition payments are normally paid every semester (6 months), but might vary accordingly to different schools. 

2. Types of Financial Aid

Even with an MOE tuition grant, it is understandable that $30,000 (or more) is not a small sum for many. Thus, many universities have an extensive range of financial aid available for students to tap on:

Difference Between School Fees and Tuition Loan

Now, you may be wondering – what is the difference between a student loan and a university tuition fee loan? A tuition fee loan subsidises up to 90% of your tuition fees (e.g. if your course is $8200/annum, you only pay $410/semester). With the remaining 10% left to pay, a student loan gives you a choice to cover the remaining 10% of your tuition fees, and on top of that – provides a monthly living allowance for you too. 

Make sure you have a guarantor who can be the witnesses for these financial aid loans – it can also be your siblings, as long as they are not bankrupt and are above 21.

Where can you get these loans from?

For local universities, these loans are mainly administered by the MOE Tuition Fee Loan and remains interest-free until you graduate. For private universities in Singapore, these loans are commonly administered by banks such as OCBC Frank and DBS, many of which charge student loan interest rates before graduation. 

Income Cap

For many of these sources of financial aid – especially for bursaries, loans and some scholarships, there are income caps. 

Simply put, if your family is earning more than a certain income level, you might not be eligible for a particular assistance. Additionally, based on income assessment, you will not only get a higher bursary if your family’s income is lower, some loans also offer a later resumption of student loan interest rates after graduation. 

Other forms of financial aid

As this list is just a guideline, it is by no means non-exhaustive. In fact, many schools do have other supplementary financial aid or grants for students – so just keep a look out for them as all schools name their respective schemes differently. Some of these grants cover necessary expenditure for laptop purchase, monthly allowance, overseas exchange funds, as well as emergency COVID-19 funds. 

Most importantly – be sharp about what the financial aid can cover, and what it can’t cover, and whether there are terms and conditions to it (can’t stress this enough!) These grants are normally quite accessible, so do not be embarrassed or hesitant to apply for them if you need some financial aid! 
There are also datelines for these applications that you have to meet, so be on the lookout for these dates.

3. Modes of payment

With all these being said, now your final question must be – how can you make payment for these university tuition fees? 

For local universities, apart from paying via cheque or bank transfer (some even offer Paylah! or Paynow), you can also make your tuition payment using your Post-Secondary Education account (PSEA) – basically any leftover funds from Edusave. Additionally, you can also use your parents’ CPF. 

Unfortunately, for students getting an undergraduate degree at private universities in Singapore, PSEA and CPF payments are only allowed for these local universities: NTU, NUS, SMU and SUSS. 

4. Modes of payment

Now that we are done with talk about these mind-boggling tuition payments and student loan interest rates, we can move on to the more exciting parts of experiencing the undergraduate degree life!  

• Hall Fees 

While private universities in Singapore don’t offer the hall experience, local universities such as NUS, NTU, Yale-NUS and SUTD are big on it. Hall fees vary across universities – from about $300 (in NTU) to an average of $2000 per month (in NUS). 

Before you get a shock, the big difference in prices is mainly due to the fact that in NUS has compulsory meal plans that are included in their hall fees, while NTU does not. 

Besides, hall fees also vary based on whether you are choosing a room with aircon or not, a single room or a double room, as well as the type of hall (facilities available, date of build, etc.)

• Misc and Books 

While the miscellaneous fees are inevitable as they are used for administrative and processing fees, etc., a pro hack for saving money in universities is to save on the books. 

Most times, chances are you can get the book off Carousell or a digital version – just ask your seniors for it. 

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Conclusion

We understand that starting university might be equal parts exciting yet daunting, especially if you haven’t had the finances sorted for your university tuition fees. 

Remember – if you need financial help, there is nothing to be embarrassed about reaching out or seeking additional resources to help lighten your load. Afterall, it is super understandable that pursuing an undergraduate degree isn’t cheap – especially if it’s a private university in Singapore. 

However, be conscious about where you choose to borrow from, and be aware of how you spend your money. It might be tempting to just squander the money you have but especially with student loan interest rates, remember that the money you borrow today has to eventually be repaid a few years later.  

Ultimately, you are in charge of your own finances. No matter how scary it might seem, this might just be the first step towards (mini) adulting. All the best!