Afford Your University Studies in 5 Ways Without Big Budget

Can you afford your university studies? If not, don’t fret. Here are the best 5 ways to pursue your education even without big budget.

Studying is an indispensable stepping stone towards a secured career and stable financial status. Therefore, many will grab the chance just to get a diploma. However, not everybody can pay the tuition fees. Here are some ways to afford your university studies.

Education Loan

A lot of banks and moneylenders offer student loans. These loans have various terms depending on the financial institution you choose. Most of these vary with the interest rates and the grace period. You must pay most student loans after leaving or finishing school.

Also, these loans are expected to paid in a year or more after the repayments start. The grace period is the length of time when the students have to start paying after leaving school or graduating.

While some financial institutions give six months, others provide a year for students to get jobs. What if you haven’t got a job when you have to pay your first repayments? Do not hesitate to give your Singapore moneylender a call. Most probably, you will adjust your repayment scheme.

Institution’s Financial Aid

Different scholarships have various criteria and requirements.

Howe Yoon Chong PSA Scholarships

There are no specific course restrictions, but the MOE tuition grant subsidy should acknowledge them. If you have an interest in this scholarship, you enrolled in local universities such as SIM and Singapore Institute of Technology, the various polytechnics and ITE.

The scholarship has no amount specified as the courses have different costs. Yet, it is clear that the scholarship will cover the tuition fees, additional compulsory fees, living allowance and book allowance. This scholarship is for students with a household income of not more than $750 a month, with grades not lower than B, good entrepreneurial skills, innovative contributions to science and technology, leadership skills, and active community involvement.

MENDAKI Scholarship

The MENDAKI Scholarship (Univesity) is for Singaporean Muslims and preferably under the course related to Medicine, Health & Life Sciences, Multimedia Design, and Engineering. it supports students in:

• Singapore Management University
• Singapore Institute of Technology
• Nanyang Technological University
• Singapore University of Technology and Design
• National University of Singapore
• Singapore Institute of Management

If it fits your interest, you must have 5 distinctions in GCE’ O’ level examination and 3 in the GCE ‘A’ level examination. The minimum aggregate points for International Baccalaureate Diploma must be 37. In addition, you must participate in co-curricular activities (CCA), and if you are a male, you should first complete your National Service. The $4000 grant yearly is for those who can keep up satisfactory performance.

LBKM (Lembaga Biasiswa Kenangan Maulud) Bursary

Despite being a scholarship grant to pay tribute to Prophet Muhammad, this grant is for students of any race and religion aspiring to study in both local or overseas universities, JC and polytechnics.

This Prophet Muhammad’s Birthday Memorial Scholarship Fund has been granted to students since 1966. Students for Junior Certs receive $500, those striving for a diploma get $800, and a total amount of $1,800 is for each undergrad in local universities. The number of bursaries may change depending on the courses taken, though postgraduates and overseas students get larger amounts. The grant also supports part-time degree students and gives $1,200 for each. Applicants must have a household income not exceeding $1.800 and must not have any other grant or scholarship.

Singapore Buddhist Lodge Education Foundation Bursary

Though it is a Buddhist grant, this scholarship is given regardless of race and religion. It is for those interested in studying in local universities, JCs, ITEs and polytechnics regardless of the chosen course. The amount usually depends on the school, though usually, it is about $1,000 and $1,200 a year.

AMP Education Bursary

Association of Muslim Professionals is a grant for all races as long as they study in the local universities, ITEs and polytechnics. The students take any course they want. While the diploma students receive $500, the degree students get $1000. The students must not have a household income of higher than $3500 a month. A part-time student below age 40 is welcome to apply. There is no required bond, but scholars must do community work for 90 days.

MOE Teaching Scholarship

This scholarship is for Singapore citizens or Singapore Permanent Residents with good character, strong leadership qualities, excellent (CCA) records, outstanding interpersonal and communication skills, and GCE ‘A’ levels.

CPF Education Scheme

You use the Ordinary Account (OA) savings of your own, parents or spouse to subsidize your tuition fees. However, if you will use your siblings or other relatives’ OA, the improvement will depend on the assessment.

Sign Up as a SAF Regular

If you serve in SAF, you hit two birds with one stone. First, the SAF will fund your tertiary studies. Also, you will even get an allowance of about $2,000 a month.

You must serve for 6 years as a bond. However, if you served the National service for 2 years, this will be deducted from the bond.

If you need instant cash loans with short term periods to afford your university studies now, you should start your loan process in Cash Mart.

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