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, 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 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.



Recommend0 recommendationsPublished in Singapore, Money Savvy, Education
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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva


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