Singapore has developed from traditional education system to a modern and quality education. The application of diverse individual academic abilities changes in Singapore’s education system, providing greater opportunities. Singapore education system prepares individual for the labor force after the finish their studies, by prepping them with strong substantive knowledge and relevant skills. Furthermore, as part of the lifelong learning, education opportunities does not stop after graduation. Individuals in the labor force are given the opportunity to specialize and upgrade their skills and stay competitive in the global environment.
Pursuing higher education can be an expensive business. Considering schools and Universities increase their tuition fees almost every year. However, you should not let money get in the way to reaching your dreams. What you need to remember is that you are making a lifetime investment with your study abroad experience. So let’s have a look at how to make your dream a reality through educational loans.
Now, don’t go terminating the idea of applying for an educational loan just because you got a scholarship waiting.It’s given that your scholarship will cover some of the expenses of your education but not everything. So you definitely have to consider getting an educational loan.
So pondering what kind of education loan you need,it basically needs to cover your tuition fees, school supplies, transportation allowances, miscellaneous fees, and your living expenses. It should take care of all your education-related expenses. The bank won’t actually hand you the money but will generally credit it into your school’s account. To help lighten your financial burden, we’ve searched around to put together this comprehensive way of getting the best education loan Singapore.
Once you have been accepted from your chosen school, apply for an educational loan right away. But gather options, you must research your loan options carefully. Make use of this in-between time period effectively. This is definitely not the time for you to take a break!
As you run a research on loans from banks, you will find that they offer loans with fluctuating rates of interest. It is better to take your time in comparing the different kinds of loans that they offer and check thoroughly which is better and if you can afford it. A helpful tip: state-run banks have lower interest rates in comparison to private ones. Don’t set all your hopes on just one though — we think it’s best for you to apply to multiple banks, in case your loan application were to get rejected by one.
When you are eligible, most banks offer educational loans for long-term programs by reputed academic institutions. Short-term ones (such as vocational courses) are usually not covered. Always be prepared on what is the outcome of your application, there will always be approved and rejected.
In general, when your student loan exceeds higher than usual, you will be required to have a guarantor. A guarantor is a person (mostly a parent) who has to sign the loan with you, agreeing to pay your debt, in case you fail to do so. Your guarantor will be on the hook for your debt and so this is a very big commitment and not to be taken lightly.
Get in contact with the bank and obtain a checklist from them beforehand to have all documents and papers ready and be prepared for application. Also check to see if the school has any tie-ups with banks for educational loans — if so, it could expedite the whole loan process.
Always take time to go through the loan’s agreement’s fine print before you sign. Be sure to check the interest structure, pre-payment details, or if there is any option for you to extend it in case you are unemployed after graduation.