Student Loan Singapore
A student loan in Singapore is provided for students studying in local universities and colleges. The amount of student loan that a student can get depends on the type of course they are taking.
Most courses in local universities and colleges do not require a student to pay tuition fees. However, students should pay for their living expenses while studying, which can add up to a substantial sum of money.
To alleviate this burden, the Ministry of Education (MOE) provides financial assistance to students through the loans by commercial banks.
It is government-owned financial institutions such as the Housing Development Board (HDB) and SkillsFuture Credit (SFC).
These loans, however, must be paid off during their working life. Also, they could paid back when they start earning above S$1,000 per month (the income cap is reviewed every year by the government).
Student Loan Malaysia
The official name of Student Loan Malaysia is “Pelajar Tunai”. It has introduced in 2005 as an initiative by the Malaysian Government to reduce the burden on students with regards to their living expenses.
While studying at local universities and private colleges. This is also known as “living allowance” or “living loan”.
The government then revised the scheme in 2007 and changed its name to “Pelajar Tunai Asasi” (Higher Education Loan Scheme) to make it more consistent with other student loan schemes in Malaysia.
The main difference between the two is that the new scheme provided for a more flexible repayment period.
Student Loan Indonesia
In Indonesia, The name of Student Loan is “Penjaminan Kebutuhan Belajar” which literally translates to “Learning Needs Guarantee”. It has introduced in 2003 and considered one of the most successful social insurance schemes in Indonesia.
The government guarantees all expenses related to studying at local universities and colleges for students who meet the eligibility criteria.
However, students should pay off their loan upon graduation within 10 years time at an interest rate of 3% per year or less than US$1 per month.
If a student fails to pay off their student loan in time. In addition, they will should pay an additional 20% interest on their debt. It will be added on top of their original debt accrued while studying at university or college.
Student Loan Philippines
In the Philippines, the name of student loan is “Garantisadong Edukasyon” which literally translates to “Education Guarantee”. It has introduced in 2003 and considered one of the most successful social insurance schemes in the country.
The government guarantees all expenses related to studying at local universities and colleges for students who meet the eligibility criteria.
However, students should to pay off their loan upon graduation within 10 years time at an interest rate of 3% per year or less than $1 per month.
If a student fails to pay off their student loan in time. They should pay an additional 20% interest on their debt. It will sums on top of their original debt accrued while studying at university or college.
Student Loan India
In India, Student Loan is “Pradhan Mantri Vidya Lakshmi Karyakram” (PMVLK) which literally translates to “Prime Minister’s Scheme for Education Loans”.
It has introduced in 2015 and considered one of the most successful social insurance schemes in India. Because, its affordable interest rates and easy eligibility requirements.
The government guarantees all expenses related to studying at local universities and colleges for students who meet the eligibility criteria.
However, students should pay off their loan upon graduation within 10 years time at an interest rate of 3% per year or less than US$1 per month.
If a student fails to pay off their student loan in time. They have to pay an additional 20% interest on their debt. The interest will sums on top of their original debt accrued while studying at university or college.
Student Loan Sri Lanka
In Sri Lanka, the name of its Student Loan is “Gastrointestinal Vittiya Laksha” (GIL) which literally translates to “Free Education Fund”.
It has introduced in 2011 and considered one of the most successful social insurance schemes in the country. The government guarantees all expenses related to studying at local universities and colleges for students who meet the eligibility criteria.
However, students should pay off their loan upon graduation. They required to pay off within 10 years time at an interest rate of 3% per year or less than US$1 per month.
If a student fails to pay off their student loan in time. They have to pay an additional 20% interest on their debt. It will increase on top of their original debt accrued while studying at university or college.
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