Study Overview

The Wisconsin Scholars Longitudinal Study (WSLS) is the first statewide longitudinal study of the impact of private need-based financial aid on college persistence and graduation. The study will follow approximately 6,000 low-income college students receiving need-based aid (e.g. federal Pell Grants) who are enrolled in either the University of Wisconsin System or the Wisconsin Technical College System. In addition to their standard aid package, approximately half of the participants have been randomly selected to receive a private multi-year grant from the Fund for Wisconsin Scholars.

Finding the best education loan in Sinagpore

A good education is crucial for anyone who wants to compete in Singapore or the global competition of highly qualified professionals. It gives students the tools and perspectives they need to solve problems. Despite being undeniably expensive, Singapore’s education is one of the best places to study.

Luckily, Student loans in Singapore are convenient to have enough money to pay for your education. Students or their guarantors can pay the loan later once they graduate. Here are all you need to know about education loans.

Types of Loans Available

Student loans are available at excellent rates from every Singapore bank, and financial institutions, with monthly rest options and a flat rate available for education loans.

Flat rates are fixed-term interest for the entire loan term. If you are looking for steady monthly payments, this is an option.

Monthly Rest allows you to pay a lower or a higher monthly repayment amount, but it isn’t always the same. These loans are available from banks and include accommodation and daily living expenses.

How do you Qualify for Student Loan Singapore?

These are the requirements for students in Singapore to obtain education loans. These are the requirements that banks and financial institutions typically ask for. You might have to meet additional requirements depending on the lender.

•        Singapore citizen 

•        Aged 21-62 

•        Qualified guarantors (such guardians, parents, or sponsors) 

•        Guarantor must have a minimum income of S $30,000 

The Average Education Loan Tenures

The majority of the loan terms in the table have a maximum period of five years. However, banks and financial institutions might allow you to extend the duration of your study loan in Singapore up to 10 years. The ten-year payments will not begin until the student completes their studies and signs a contract for gainful work.

Tuition Loan Fees: You Need to Take Notice Of

Many student loans come with a processing fee. Banks and financial institutions charge the average student loan amount at 2%. However, they deduct this fee from the first repayment of your student loan, so it’s a small amount to cover your loan.

You will also have to pay the following penalties, cancellations, and disbursement charges for your education loan.

•        Prepayment penalty of 1% on the original loan amount 

•        Prepayment penalty of 1% for partial payments 

•        Cancellation fees of 1% 

•        The disbursement fee depends on the payment method (cash or credit, installment, etc). 

The lowest Education Loan Interest Rate

According to market demand, banks can adjust their interest rates for Singapore study loans. But, Singaporeans and parents value education highly, so this demand is unlikely to decrease. Therefore, banks and financial institutions may lower interest rates during peak seasons by a maximum of 3-6% per year, with the possibility of an 8% effective rate.

It is a good idea to regularly look at financial products to find out if there are any lower-interest loans for education from banks. Although it may take some time, the benefits are undeniable for both student and guarantor.

Other Options to Study Loans in Singapore

You don’t have to take out bank loans to finance your education. Here are some options. Some of these require a lot of effort and perseverance. However, licensed moneylenders are the last option for many Singaporean parents.

1. Singapore Government Scholarships

Only highly qualified individuals are eligible to study at local and international universities through the Singapore Government Scholarship (SGS). SGS covers tuition fees for almost all courses offered by universities, except medicine, dentistry, or architecture. Students who choose to study law will enjoy the benefits of SGS. They won’t have to pass Singapore’s Bar Exam, and they don’t have to pay for their tuition fees.

2. Private Scholarships

Many private organizations and companies offer financial assistance for tuition fees to promising students but lack the funds to attend a university. Each private scholarship provider will provide aid to students based on their academic specialty.

The Agency for Science, Technology, and Research offers a scholarship to students interested in pursuing hard sciences and technology degrees. Some government institutions like the Housing Development Board and Health Promotion Board have special qualifications to make them scholars.

3. Personal loans through moneylenders

A licensed moneylender can be a better alternative to bank education loans. They offer higher interest rates and more options. Money lenders in Singapore offer loans up to S $20,000 with flexible payment options and lower interest rates. It doesn’t require students or guarantors to have excellent credit scores.

Why borrow from a licensed money lender?

A licensed moneylender can help you get loans. Let’s take a look at each one below.

1) Lower Interest Rate

A loan taken from a licensed lender has a lower rate than bank finance. This alone is an excellent reason to opt for loans from a moneylender. This doesn’t require a guarantor.

2) Short Term Payment

5 years’ worth of education loans can be expensive for some people (especially if they are from banks). A personal loan can be obtained from a licensed lender that allows you to pay for up to 12 months.

3) Short Term Commitment

However, this option will not allow you to avoid paying a set interest rate or penalties. This is why it is crucial that you make your monthly loan payment on time.


It is crucial to find the best lending institution in Singapore capable of paying your academic expenses. Before you commit to a loan, it’s important to choose the education loan that is right for you, as well as for your annual income and monthly income, or you can check out Fortune Credit personal loan, the best licensed moneylender Singapore. With a minimum salary of S$1,500, you can borrow up to 6 month’s worth of your income.