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- Starting Work
...Entering A New Phase In Life

Repay your education loan
If you have used your own, or another CPF member’s CPF savings for your local tertiary education under the CPF Education Scheme, you will need to repay the amount borrowed. The repayment has to be made using cash, and not CPF savings. You cannot use your CPF savings for repayment because the Education Scheme is a loan scheme. Using your CPF savings to repay the loan is equivalent to a premature withdrawal of your own retirement savings.
Repayment commencement period
You will need to start repayment one year after you graduate from the course, or one year after you leave the course, whichever is earlier. A package will be sent to you three months before you need to start repayment.
As you will need to pay interest on the amount borrowed until the loan is fully paid up, you should try to repay the loan as early as possible. The interest that you have to pay is the interest that would have been earned in the CPF member’s account had the money not been withdrawn. The interest payment made will be credited to the CPF member’s account.
The earlier you start repaying the loan, the less interest you would have to pay. In fact, you can start your repayment anytime. You can apply to the Board to start repaying the loan without waiting for the repayment package to be sent to you.
You can make a lump sum payment to repay the loan in full, or partially, via e-Cashier, or at any of the AXS stations located island-wide.
If you would like to repay the loan in monthly instalments, please complete the Inter-bank GIRO application form.
For undischarged bankrupt members
If you are an undischarged bankrupt, the CPF Board will file a proof of debt with the Official Assignee to be one of your creditors so that the CPF monies can be repaid to the lender's CPF account.
You will not be able to use your CPF savings to finance your own tertiary education. This is so that you would not incur more debts under the Education Scheme. However, if you are already using CPF savings for your own tertiary education prior to your bankruptcy, you may continue to finance your education with your CPF savings.
Find out more about the Education Scheme.

Starting Work 

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When you are no longer around
Moving forward
 Last Updated on: Friday, May 02, 2014 at 5:30 PM
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