Going to school is costly; but it is also the best way to ensure you will get a great job and are going to be able to provide for yourself as well as for your family in the future. If you fall under the low income families in Singapore, you may wish to approach Comcare for help as they provide both long term and urgent financial assistance. Or you can turn to a licensed money lender when you need to finance your schooling. But, for some this is not an option or you choose to go a different route in order to pay for your schooling. So, how can you do this? These are a few of the common ways in which you can pay for your school, and know you are going to get through it without huge financial debt when you are finished with your courses.
Bank loan
This is probably the best route if you are going to be approved by a bank lender. Not only are interest rates on the lower end of things, you are also going to find that with a bank loan you are typically going to be approved for the highest amount. You can compare banks, compare loan terms, repayment terms, and all of the other factors which will go into the decision you make if you are approved and do choose to go through this type of lending institution. You are also going to know the loan type is safe; as you are borrowing with a bank, there is no risk in borrowing. The problem here is credit checks, and most individuals are not going to be approved for the traditional loan. For this reason, there are other viable routes you can go when it comes to applying for a loan, and in finding other means to pay for your education and the courses you are going to take.
Tuition Fee Loan (TFL)
The tuition fee loan is a second option; this is available to Singapore families who go to particular universities and are in need of funds to pay for the courses they are going to take. A great perk here is that as long as you are in school you are not going to pay any interest on the loan; so, the zero percent is going to make it a great way to ensure you can get the funds you need, without having to worry about huge interest rates while you are in school. So, as long as you can pay off the full amount while you are still enrolled in the local university of choice, you are not going to have to pay anything towards the interest rates.
If you have certain scholarships, or if you fall into a certain income bracket you may not qualify. So, as is the case with the bank loan, this is a great option, but only if you are approved for it. So, taking the time to understand how it works, if you are going to be approved for the loan, and all of the terms which are involved, is yet another part of the puzzle you will have to go to if you are going to be taking out a loan with the TFL lender of choice.
CPF scheme
The CPF education scheme is another way in which many in Singapore pay for the education they are going to receive. It is going to allow you to use up to 40% of the OA scheme funds you have set aside while you are in school. So, this is going to make it far easier for you to pay for the courses, for your books, as well as for all of the costs you do incur when you are a student. But, as is the case with any loan, there are also limits. Not only in terms of how much you are going to be approved for, but also in terms of where the funds can be used and how they can be allocated. You also have to be local or married to a Singaporean in order to be approved; so you will find this is not a loan type all people are going to qualify for. If you know what the terms are and know how to properly use the funds, this is a great option to consider when you are looking for ways in which to go about paying for your schooling.
Scholarship
This is obviously the best route to go; but it is also not one which is up to you. You are going to have to work in order to get a scholarship. The main benefit here is obviously that you are not going to pay back the funds which are given to you. So if you do very well in school, if you get great grades, or if you fall into any of the many categories for which scholarships are offered, this is a great way in which you can go about paying for your school.
It is important to note that not all scholarships can be used to pay for certain things and that in some cases you are going to be limited in where you can use the funds. And, with some scholarships there are also limits as to where you can use it. So, taking the time to learn about the loans, categories, how you can use the funds, and what is avilable to you, are a few of the many things you should do, if you want to find funding for school, and do not want to pay it back when you are finished with your schooling either.
If you plan on going or if you are currently enrolled in a local school in Singapore it can be tough to pay for your education. But if you know where to go for funding, and if you know what options are available to you, it is possible for you to save a bit. These are a few of the common ways in which many students go about paying for their education. No matter what route you choose, there are quite a few ways in which you can attain the help you need to pay for education.
