In a highly competitive society such as Singapore, it is always good to think about furthering your education and how you can improve your skills to remain relevant in the workplace. As tough as it is to get a placement for a post-graduate degree, young adults also need to consider how they would fund their tuition and other curriculum fees.

Upon university graduation, prospecting students no longer qualify for the option of using their parents’ or their own Central Proficient Fund (CPF) to fund post-graduate tuition fees. Their only viable options are either scholarships or loans.

Mr Gregory Choy, OCBC Bank’s head of wealth advisory and management also lamented about the high cost of education in Singapore: “Education, especially overseas or tertiary education, is a hefty investment that Singaporeans may have to be both emotionally and financially prepared for.”

If you are unable to obtain a scholarship, consider education loans first as they typically have a lower interest rate. However, if your situation prevents you from getting an education loan (for example, you are taking a non-formal degree education), you may consider a personal loan instead.

Financing your post-graduate studies

Before you rush to a bank apply for a personal loan, Singsaver.com.sg believes that it is crucial to know the following points that will help you decide whether you should really take this financial path:

1.Necessary Qualifications

Applicants have to be at least 21 years of age to be eligible. Depending on the bank, the minimum income requirement ranges from S$20,000 to S$30,000 for Singaporeans/Permanent Residents.

2. Interest Rate

The interest rates in vary from 4% – 9% per annum. It is also good to note that various factors such as your credit score, length of loan tenor and loan amount may affect the interest rate – therefore it is always good to clear any enquiries with the bank before accepting the loan disbursement.

3. Monthly Repayment

Financing your post-graduate studies

The fixed monthly repayment makes it easier to plan your finances and expenditures. It is also worth to note the various fees and consequences if you miss a payment.

Not only will you be charged a late payment fee, your credit score will also be impacted which will affect any future borrowings.

Hence, it is crucial that you plan ahead as to how you can afford the monthly repayments atop your daily expenditures.

If you are ready to take the next step in getting a personal loan for self-improvement,  you can head over to SingSaver.com.sg which provides an easy to use comparison tool to discover which loan plan suits your personal and financial requirements.

Whether you are planning to take a loan to finance your post-graduate studies or not, it is good to remember that it is never too early to start saving. As a parent or a student yourself, making the extra effort to start early will help lessen the financial burden in the future.

 

 

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Editorial Executive @ The New Savvy
Anika is currently a student at RMIT University acquiring a Bachelor's Degree in Professional Communication. She also graduated from Ngee Ann Polytechnic (NP) with a Diploma in Mass Communication. She was a writer for npTribune, section editor for HYPE magazine and also the captain of the Touch Football women’s team. She has gained transferable skills from various industries through her extensive exposure in renowned companies such as Shell, Marina Bay Sands, and Red Bull. Through her passion for literature, Anika participated in Singapore Writers’ Festival 2017 and regularly attends spoken word events. During her free time, Anika likes to do Crossfit, watch Netflix and document everything her Pomeranian puppy Leio does. In the near future, She is looking to further her education and hopefully, one day, become a lawyer.

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