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Paying For Your Education – Common Methods For Financing The Costs

Education is expensive, but it is also worthwhile. Not only in what you are going to learn, but also in the earning potential and capacity which is going to increase because you go to school. One way to finance is with a money lender Singapore; but, you also do have a few other options in terms of paying for the cost of going to school. So, which is right for you and which one should you turn to? Let’s look at some of the common ways in which people go about paying for their education when going to school.

  • Bank Loans

This is quite possibly the most common method in which people choose to go about paying for their education. Of course, with a bank loan, also comes a bank note. Interest rates are typically more attractive as opposed to other methods and types of loans you can take out as a student. But, with this also comes the difficulty of being approved for the loan. As banks are more stringent in terms of who they are willing to lend to, this might not be a viable option for all, especially if you are a bad credit borrower.

RHB Education loan and POSB Further study, are a couple of the routes you can go when you are applying for a bank loan; but, there are also traditional bank loans you can go with as well when it comes to applying for funding for your education. The tuition fee loan is another viable option. So, you have to consider each institution, the cost of tuition, the type of program you are going to complete and of course the repayment periods and amounts. Depending on loan amounts, this might be the best approach to go, while for others, it is not the best way to go about financing for your schooling.

  • TFL 

The tuition fee loan is another viable program which is offered to those in Singapore who would like to go to school but do not have the means to pay for it on their own. This is a loan program which is going to be offered to many students who wish to go back to school at a later date or an older age. NTU, NUS, UniSIM, and other top institutions in Singapore do offer this type of loan to those who choose to go to their school and do not have the means to pay for the program or the degree type which they are trying to ascertain as a student.

During the course of study, the TFL loan carries a zero percent interest rate; this is one of the reasons it is so popular with students in Singapore. So, as long as you are making payments on the loan while you are in school this is going to go straight towards the principle, you are not going to incur any interest as long as you are enrolled in a program. so, you can easily pay down a big portion of the loan amount and you do not have to worry about the high interest rates weighing you down if you choose this loan option as a student.

Scholarship holders and foreign students do not qualify for this loan group, so there are certain individuals who do study in Singapore who are not going to be able to apply for this loan. For such reasons, it is important to know how the program works as well as the restrictions which are in place, in order to ensure you can find a viable option to help you fund the cost of your studies if you do not qualify for this loan category when you need to borrow money for school.

  • CPF Education Scheme 

This is approved to all universities which allow you to pay subsidized tuition fees. If you are a parent or a spouse of the student, you are going to qualify for this loan category when you are paying for your schooling. Up to 40% of accumulate funds can be used to pay for education under this scheme. After graduation you are going to have 3 months up to 1 year to repay the loan amount. So, with this program there are restrictions in place, and you do have a far shorter repayment period. You are also restricted to a cap as to how much you can use towards the cost of tuition, so it is not the best option for all who are applying for funding for their schooling.

  • Scholarships 

There are of course scholarships which you will never have to repay. So, if you can get your schooling paid for under this approach it is the easiest to consider. Here you can get scholarships as a national or a foreigner; you can get them for education based on your grades. Your school grades in high school and the extra curriculum activities you engaged in, are a few of the factors which are accounted for in determining how much you will receive in scholarship funds. And, there are some restrictions in place as to how many scholarships are awarded annually and how much a certain group can be awarded. So, although it is the ideal way to pay for your schooling, it should not be the only thing you rely on as it relates to how you are going to cover the cost of your tuition and schooling, if you plan to go to university in Singapore.

Just because you do not have the funds to pay for your schooling does not mean you have to give up on your dream of a higher education. If you are living in Singapore, you do have a number of viable options which you can rely on when it comes to paying for the cost of your education. If you are planning on going back to school, and if you are getting ready to apply to the top local universities, these are a few of the most popular alternatives you can choose from, so you can pay for your schooling as a student.

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