Types of Financial Aid Singapore for Defraying Tuition Fees

Written By: Cudy

4th March 2022

1. Loans

Financial aid Singapore is thefacility for government if the citizen need loan or funding facility. The main loan that is offered by the government is the Ministry of Education (MOE) Tuition Grant.

The grant, as the name suggests, covers the tuition fees of all Singaporean students studying in Singapore. It also covers other costs associated with tertiary education such as school registration fees, textbooks, and so on.

The only requirement is that you must enroll in a government-funded institution (e.g. NUS, NTU).

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2. Scholarships

There are scholarships also avilable by the government. They are also highly competitive and only a handful of students.

To apply for a scholarship, a full-time student must be in the top ten percent of your class.

The purpose of this scholarship is to provide financial assistance to students who demonstrate exceptional achievement and/or leadership in their chosen field.

It will only be given to the deserving student as a reward to students.

The scholarships will help with miscellaneous student fees and ensure education to students.

If you are a current student and interested in applying for a scholarship, you can check out the MOE Scholarship Award.

3. Work-Study Programme

This is where students get to work part-time at the university and earn money while studying. This money can then be used to cover your tuition fees.

The main benefit of this program is that it allows you to gain work experience while earning money at the same time. The disadvantage is that most universities do not allow students to work more than 20 hours per week (in total).

Therefore, if you want to earn a lot of money through this program, it may not be suitable for you because most universities will cap your working hours at 20 hours per week (i.e. 5 days x 8 hours).

4. Part-Time Jobs Outside the University

While studying, it is important to also have a part-time job outside the university in order to cover your living expenses (rent, food, etc.).

Many people take up jobs during their free time as there are many opportunities available especially during weekends and evenings (if you are not taking classes).

There are a lot of part-time jobs that you can consider.

However, they are not all easy to find. It is important to find a job that suits your skills and the type of work you are looking for.

You can take up a part-time job in different places such as restaurants, offices, supermarkets, shops, libraries and more. You may also want to look for work at your home or at an outside place.

The work you do is not limited to these places only but you can also try working at the university itself if you are able to spare some time from your studies.

A part-time job is considered better than a full-time job as it will give you time to study and get some money from it as well.

Financial aid Singapore will also help you improve your skills and learn new things that will be useful in the future when you look for a full-time job or when you need extra money.

5. Personal Fund

If you have personal savings or any other means of financing, you can use that to pay for your tuition fees.

This may not be the most practical way to pay tuition fees, but it is possible. If you can’t pay for your tuition fees in this way, then you can use an alternative method of payment.

However, it is advisable to first try and apply for government grants/scholarships before using your own money to pay for your tuition fees.

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6. Private Loans

Beside financial aid Singapore, there are also private loans that you can consider taking out in order to cover your tuition fees.

There are several banks in Singapore that offer private loans, different with financial aid SIngapore and most of them do not require a credit check. Some even allow students to defer their loan payments until after they graduate from university or complete their national service.

What are the benefits of taking out a private loan?

The best thing about private loans is that they are flexible. You can take out a loan up to a certain amount and pay it back over a period of time.

For example, you can borrow up to S$10,000 and pay it back over 10 years at an interest rate of between 6% and 8%. This means that you will be paying less than if you were to take out a government loan.

You can also make additional payments at any time during the year if you want to reduce your monthly payments.

Another advantage of taking out a private loan is that there are no restrictions on how much you can borrow.

In other words, there is no limit on how much you can borrow from one bank or company and there is no limit on how much interest you have to pay.

The only limitation that applies is that your credit score will not be good enough for some banks and companies

For more information on this, you can visit the website of the Ministry of Education (MOE) at http://www.moe.gov.sg/financialaid/loans-for-students/.

7. Part-Time Jobs on Campus

If you are taking classes at the university, there are also part-time jobs available on campus such as being a research assistant or working as a tutor (or teaching assistant).

These jobs allow students to earn money while studying at the same time and it is usually easier to get hired as compared to jobs outside the university.

Some of the job opportunities available at the university are listed below:

Research Assistant

As a research assistant, you will be assigned to work with a professor or a research group and will be responsible for carrying out different tasks related to the research project.

It is important that you have some prior experience in working with computers and using spreadsheets as you will be using these tools while carrying out your tasks.

In addition, you should also have good communication skills as well as the ability to work independently.

In order to get hired as a research assistant, you must have excellent grades in your previous classes.

Teaching Assistant/Tutor/Tutor Instructor (TA)

If you are looking for a part-time job that involves working with students, then a teaching assistant is the perfect job for you.

As a teaching assistant, you will be assigned to work with a professor or an instructor in a particular class and will be responsible for giving lectures to the students.

It is important that you have excellent communication skills as well. The ability to interact with students in order to help them understand what they are learning.

You should also have good knowledge of the English language. It is very important when teaching at the university level.

Job responsibilities:

In addition to teaching and being responsible for assigning students to work. It is also your responsibility to grade students’ assignments. Provide feedback on their performance and give encouragement when needed.

If you want to become a tutor instructor, then you will also be required to supervise other TA’s and give guidance on how they should teach the course material to their students.

Teaching assistants are also expected to prepare class materials such as handouts, posters, etc.

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