Under the Education Scheme, you can use your CPF savings to pay for your children’s local tertiary education at the approved institutions. CPF savings cannot be used for overseas education. If you are planning to use your CPF savings for your children’s education, do note that there is a limit on the amount of CPF savings that can be used. For details on the limit, click here. You may want to set aside some cash savings if you find that your CPF is not sufficient.

If your children use your CPF savings under the Education Scheme, they will need to repay the amount withdrawn, and the interest which you would have otherwise earned in the CPF account if the amount had not been withdrawn. The repayment has to be done in cash, and it will start one year after your child graduates, or one year after your child leaves the course, whichever is earlier. The Education Scheme is a loan scheme, and the repayment ensures that you will continue to have sufficient savings to cater for your own retirement needs.

For bankrupt members

If you are an undischarged bankrupt, your children may use or continue using your CPF savings for their tertiary education.

To find out more information about bankruptcy matters, visit IPTO at http://app2.ipto.gov.sg/.

At age 55 or thereafter, you may apply to waive the repayment of the CPF education loan taken by your children if you have set aside the following amounts:

-	Full CPF Minimum Sum applicable to your age group;
-	Living expenses from age 55 to 62 (calculated based on the Minimum Sum monthly payout for a member who retires in the same year a bankrupt turned 55);
-	Required Medisave Amount or Medisave Minimum Sum.