4 Types of Financial Aid for Defraying Tuition Fees in Singapore

Written By: Cudy

19th April 2023

Types of Financial Aid in Singapore
Types of Financial Aid in Singapore

Photo by Centre for Ageing Better on Unsplash

Types of financial aid can be a form of assistance provided to students with the intention of allowing them to pursue their education. It can be in the form of financial assistance, scholarships, or grants.

There are many sources of financial aid in Singapore and each has its own eligibility criteria. To defray tuition fees, you need financial aid. When it comes to education, every family has different needs and financial conditions.

As a result, the type of financial aid that is most suitable for one family might not be suitable for another. There are four types of financial aid that can be used to defray tuition fees in Singapore. They are:

1. Government Tuition Grant

This is the most common form of financial aid available in Singapore. It is for Singapore citizens and permanent residents who are studying in local universities and institutes of higher learning.

In order to qualify, the applicant must meet the means test criteria as determined by the government. The criteria might be the applicant's family's gross monthly income, the applicant's number of siblings, or the applicant's age.

All of criteria are combined to produce a score that will dictate the amount of the grant. If the score is low, the applicant might be eligible for up to 100% of the tuition fees.

Therefore, people tend to put their children into the school system early in order to increase their chances of qualifying for the grant. You need it because the demand for higher education in Singapore is constantly rising.

2. Private Tuition Grant

This is a grant available to Singapore citizens and permanent residents who are studying in private tertiary institutions (which includes those offering foreign degrees). The amount of tuition fees covered will depend on the means test criteria of the private institution.

Eligible students will receive the grant at the start of each academic year. The level of tuition fee subsidy will be pegged to the highest amount of subsidy paid to students in the public tertiary institutions.

Tuition fee subsidy for post-graduate students is pegged to the highest amount of subsidy paid to undergraduate student. If you have financial difficulties, you can apply for the grant to cover up to 100% of the net tuition fees.

Types of Financial Aid in Singapore

Photo by Kyle Gregory Devaras on Unsplash

3. Education Savings Plan

This is a scheme under which parents can use their CPF to save for their children’s tertiary education. There are four schemes in total, with three of them being for Singapore citizens and permanent residents studying at local universities and institutes of higher learning.

The fourth scheme is for Singaporeans studying overseas. When it comes to the first three schemes, parents can open an account with their CPF. And you can use the money in the account for the child’s tuition and other school-related expenses.

The fourth scheme is similar to the first three. But the money in the account can only be used to pay for the child’s tuition. Therefore, if you are a Singaporean student, you and your parents can consider using this scheme to pay for your tuition.

4. Saver-Scholar Account

This is a savings account that parents can use to save for their children’s tertiary education through the Government-run CPF Education Scheme. It offers competitive interest rates that are paid out annually and monthly.

In order to qualify, applicants must be Singapore citizens or permanent residents who are studying in local universities and institutes of higher learning. Saver-Scholar Account is really beneficial for parents who want to start saving for their children’s future early on.

The earlier you start, the more you can save! Beside thaany parents often wonder how much they need to save for their children’s future and the answer is – it really depends on each family’s individual circumstances.

Find out more about academic goals, undergraduate education, and more about studying in Cudy Blog!


Written by

Cudy

Cudy is an online marketplace for real-time learning where students can achieve mastery over their subjects by learning live from educators who are passionate about providing the best learning experience for their students.

More stories

The Limitations Of Educational Technology
There are always advantages and disadvantages to each type of educational technology. But it is up to you to decide which type of online course will work best for you. This article has been published on eLearning Industry. The Pros And Cons Of Using Technology In Education The internet is changing our lives in ways …

The Limitations Of Educational Technology Read More »

Cudy

20th April 2023

The Many Benefits Of Gamification In eLearning
Gamification is becoming more popular as an approach to learning and education because we can use it in a variety of ways and across different learning platforms. We have published this article on eLearning Industry. What Is It And Why Use Gamification? Gamification is an approach to game design and gameplay. We often associate it …

The Many Benefits Of Gamification In eLearning Read More »

Cudy

20th April 2023

Teaching programming languages online – challenges and how to address them
We often receive questions from potential students about the challenges of learning a programming language online. In this article, we will try to address some of the common questions that people have about our online courses. One of the first questions we get is: “What are the main challenges in teaching programming languages online?” There …

Teaching programming languages online – challenges and how to address them Read More »

Cudy

20th April 2023

Why Would Someone with a Full-Time Job Start Teaching Part-Time?
A learning process is based on the interaction between the learner and the learning environment, which determines what the learner will learn. The use of education technology is becoming increasingly popular. More and more educational institutions seek to provide the best possible education for their students. This article will discuss how it helps to improve …

Educational Technology: How Important Is It In Today’s Education Industry? Read More »

Cudy

20th April 2023

Subscribe to our blog