What Is Tuition Fee Loan?


Author: Loyd
Published: 21 Nov 2021

Student Finance

If you studied abroad or have a first degree, you can get student finance, but only if you have a qualification. If you study an exception course such as Nursing, Midwifery or Teaching, you might be able to get funding for a second degree.

Student Loans

You will need to sign and return the loan declaration after you have filled out the details. You may need to send in proof identity as well. You should have the loan declaration with you within 6 weeks.

Repayment of Tuition Fee Loans and Maintenance Loans can be done to the bank. You need to pay back any money you borrowed even if you don't complete your course. There are several factors that can affect when and how much you will have to pay back.

The student loan is a good deal because it has no credit checks or hidden nasty surprises that could get them into financial difficulties, and it has a higher interest rate than other forms of borrowing. Financial worries are commonplace and preparing for university can be difficult. Student tuition fee and maintenance loads are useful to ease the pressure of paying for university courses and living costs so your child can focus on getting the most out of their education.

A renewable loan for the entire course

The loan is renewable for the entire course. It is not interest-bearing during the course of study, but it is interest-bearing after graduation. The maximum repayment period is up to 20 years for loans taken at the university level, and up to 10 years for loans taken at the polytechnic level.

TFL-Administering Bank of the Tuition Fee Loan recipients with changed course

The TFL-Administering Bank of the Tuition Fee Loan recipients who have changed their course and are charged new tuition fee amounts are required to inform the bank of their change so that the bank may update their information accordingly.

Apply for a Guarrantor at an OCBC branch

Visit any OCBC branch and apply with your guarantor. A guarantor is someone who can be responsible for your loan if you can't pay.

The Rate of Inflation and the Interest Charge

The value of the amount you repay will be the same as the value of the loan, because the rate of inflation is linked to the interest you pay.

Taking out Tuition Fee Loans by yourself

If you don't want to take out a Tuition Fee Loan, you can pay it yourself. All or part of your fee could be paid by a sponsor.

Payment Advice for a Tuition Fee Loan

You need to bring the University and College payment advice page of your Student Finance Entitlement letter to the Enrolment Centre to show that you are getting a Tuition Fee Loan. You will need to sign a payment agreement before you can pay your tuition fee. You will have to pay 25% of the total amount of tuition fee on or before you enroll, and the rest will be paid in seven monthly installments.

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