How many of you have the problem of enquiring about the fees payable and the cost of living in Singapore? Well, today is the day of answers, realizations and queries based on personal experience.
When that precious letter of offer from an university lands into the hands of a prospective candidate, then s/he begins to think about the funding of the course as a result. Most of the present economies have become clever enough to lay off scholarships and it now lies in the hands of the student to fund his own studies by various available means like loans and personal wealth.
Though I wont be describing the means in detail, this post is intended for people willing to study in Singapore. Emphasis is on an Engineering Masters in National University of Singapore, a leading global university in Asia. This could be applicable to everyone else, so keep reading! Highlight was to bring out the negligence and carelessness, one candidate can do by spending out too much on his own pocket without looking out.
To begin with, Singapore's Ministry of Education (MoE) offers a 40% subsidy of the semester fees of the candidate. Link can be found here. A highly recommended one to pick this up. Of course, clauses attach, like the mandatory 3 year Service Obligation Bond where people have to serve in Singapore for a minimum period of 3 years upon graduation. Guarantees are not given to candidates about job prospects and thus, it is the sole responsibility of the student to look out. Various job centres, college career centre exist for job openings. Building up contacts also helps as references matter hugely.
With the remaining 60% being unaffordable to the candidate after the subsidy, the university offers a Tuition Fee Loan Scheme which offering up to 90% of the MoE's subsidized fees. Link can be found here. This shall be treated similar to an Educational loan back in India. The period of repayment here is a whopping 20 years! Make sure you have a guarantor while submitting forms to the Bank and that the signatures of both people (you and the guarantor) have to be made in front of the bank officer. The loan amount, once sanctioned, goes to the university directly and this loan account shall be clubbed with you SB A/C in Singapore. Make sure the SB A/C and the loan A/C are in the same Bank!
Thus, you would be getting 40% + 36% (90% of 40% of Tuition Fee Scheme) i.e., 76% of the tuition fees from Singaporean authorities! And so, you have to pay only 24% of the tuition fees (semester/total) on your own. This is usually seen by either working part-time or by taking a regular student loan back in India.
Another suggestion is to put up in the university dormitories rather than suffering the nuisance of private apartments. Have an extended sense of your personal expenses, meaning to plan for extra money in case of adversities. Cutting short will cost you dearly on your personal life and health. A personal monthly expense of $500-600 and a rent of $550-$600 is absolutely necessary to live a decent life as a student in Singapore as per current situation (2011/12). Oh, for the laptop needs, as it is a must, better buy it in Singapore. Its cheaper and better keeping in mind that most of the people studying, eventually apply for jobs here.
And never make the mistake of ignoring fee subsidies wherever applicable. Contact your department and your university thoroughly before planning on financials. Singapore is very flexible in money payment so it is alright to transfer money using parents' help after you've landed here.
When that precious letter of offer from an university lands into the hands of a prospective candidate, then s/he begins to think about the funding of the course as a result. Most of the present economies have become clever enough to lay off scholarships and it now lies in the hands of the student to fund his own studies by various available means like loans and personal wealth.
Though I wont be describing the means in detail, this post is intended for people willing to study in Singapore. Emphasis is on an Engineering Masters in National University of Singapore, a leading global university in Asia. This could be applicable to everyone else, so keep reading! Highlight was to bring out the negligence and carelessness, one candidate can do by spending out too much on his own pocket without looking out.
To begin with, Singapore's Ministry of Education (MoE) offers a 40% subsidy of the semester fees of the candidate. Link can be found here. A highly recommended one to pick this up. Of course, clauses attach, like the mandatory 3 year Service Obligation Bond where people have to serve in Singapore for a minimum period of 3 years upon graduation. Guarantees are not given to candidates about job prospects and thus, it is the sole responsibility of the student to look out. Various job centres, college career centre exist for job openings. Building up contacts also helps as references matter hugely.
With the remaining 60% being unaffordable to the candidate after the subsidy, the university offers a Tuition Fee Loan Scheme which offering up to 90% of the MoE's subsidized fees. Link can be found here. This shall be treated similar to an Educational loan back in India. The period of repayment here is a whopping 20 years! Make sure you have a guarantor while submitting forms to the Bank and that the signatures of both people (you and the guarantor) have to be made in front of the bank officer. The loan amount, once sanctioned, goes to the university directly and this loan account shall be clubbed with you SB A/C in Singapore. Make sure the SB A/C and the loan A/C are in the same Bank!
Thus, you would be getting 40% + 36% (90% of 40% of Tuition Fee Scheme) i.e., 76% of the tuition fees from Singaporean authorities! And so, you have to pay only 24% of the tuition fees (semester/total) on your own. This is usually seen by either working part-time or by taking a regular student loan back in India.
Another suggestion is to put up in the university dormitories rather than suffering the nuisance of private apartments. Have an extended sense of your personal expenses, meaning to plan for extra money in case of adversities. Cutting short will cost you dearly on your personal life and health. A personal monthly expense of $500-600 and a rent of $550-$600 is absolutely necessary to live a decent life as a student in Singapore as per current situation (2011/12). Oh, for the laptop needs, as it is a must, better buy it in Singapore. Its cheaper and better keeping in mind that most of the people studying, eventually apply for jobs here.
And never make the mistake of ignoring fee subsidies wherever applicable. Contact your department and your university thoroughly before planning on financials. Singapore is very flexible in money payment so it is alright to transfer money using parents' help after you've landed here.
3 comments:
Hi. I loved reading ur blog named "money matters". Perfect for any new graduate student planning to join a univ in Singapore. I will be joinin NTU in Aug and will be taking S.O.
I was plannin to live in Univ dorms rather than goin in private apartments.
Is it advisable to do part time jobs in the morning as classes are only in the evening?
Well, that's a personal opinion. If you can manage time well so that you can afford to study in the evenings without having a small slumber due to exhaustion, you can. Keep in mind that, studying in Singapore is really intensive and highly demanding from the student's perspective.
Hope this helps!
That was very informative. Thanks! Could you tell me the approx. rate of interest for the education loan at DBS Bank or OCBC Bank?
Post a Comment