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| Q1. |
When do I need to commence repayment under the Education Scheme? |
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| Q2. |
Would I receive any notification to start repayment? |
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| Q3. |
What is the monthly instalment rate that I need to repay? |
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| Q4. |
What is the minimum monthly instalment rate under the Education Scheme? |
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| Q5. |
What happens if I have more than one member for my course of study? |
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| Q1. |
What do I need to do with the form? |
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| Q2. |
Would I receive any letter from CPF Board after submission of the form? |
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| Q3. |
I need to repay 2 courses. May I use different bank accounts for the repayment of the 2 courses? |
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| Q4. |
Where can I check the status for my application? |
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| Q1. |
Can I increase the monthly instalment rate? |
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| Q2. |
The monthly instalment rate stated in my repayment letter is more than $100. Can I reduce the monthly instalment rate? |
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| Q3. |
How long will it take for the change in instalment rate to be effective? |
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| Q4. |
Where can I check the status of change of Monthly Instalment
rate? |
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| Q1. |
Are there any tools available that can help me project the monthly instalment rate or repayment period? |
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| Q1. |
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Under the Terms & Conditions of the Education Scheme, a student has to start repaying to the member’s CPF account, one year after graduation or leaving the institution, whichever is earlier. The loan must be fully repaid within 12 years. CPF savings CANNOT be used to repay the loan.
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| Q2. |
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A repayment letter will be sent to you informing you to start repayment. It will state the outstanding loan amount, repayment commencement date, the monthly instalment rate, and the estimated repayment period.
You need to complete and return the form to start the monthly deductions from your bank account, to repay to the member’s CPF Ordinary Account. |
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| Q3. |
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Your monthly instalment rate will be stated in the repayment letter sent to you. Generally, the monthly instalment rate will enable you to fully repay your loan within 6 years.
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| Q4. |
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The minimum monthly instalment rate is $100. The instalment rate stated in the repayment letter will be $100 if this rate is expected to enable you to fully repay the loan within 6 years. Students are encouraged to fully repay the loan within 6 years to reduce the interest incurred for the loan.
Students with a bigger outstanding loan amount will have a higher monthly instalment rate stated, to enable them to repay within a period of 6 years. |
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| Q5. |
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Your instalment amount will be credited proportionately to each member based on the total outstanding loan amount to each account.
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| Q1. |
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Please complete and return the form by the deadline stated to enable us to process your form. By returning the form, you are deemed to have agreed to the repayment rate stated in the letter.
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| Q2. |
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You will receive an acknowledgement letter from the Board within 2 week of our receipt of the form.
Generally, your GIRO application will be approved within 1 to 2 months, after your bank has processed the application and given us their confirmation to start deductions from your account. After we receive your bank's confirmation, you will receive a letter from us informing you of the start of the deduction and the monthly instalment rate.
In the meantime, you may wish to settle any payments via internet banking, AXS stations or other means - please find out the various payment modes through www.cpf.gov.sg.
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| Q3. |
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Only one bank account may be maintained for making repayments under the Education Scheme. Hence, if you submit a form for repayment using a new account, deductions for both the previous and new courses that you are repaying will be made from the new account.
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| Q4. |
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You may check your status at www.cpf.gov.sg, under E-Services --> GIRO Application Status. |
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| Q1. |
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Yes. Students who are financially able to sustain a higher monthly instalment rate are encouraged to do so. This will enable them to fully repay the loan within a shorter period and hence minimize interest they have to repay.
To increase your monthly instalment rate, you may login using your SingPass at www.cpf.gov.sg under ‘My Request’ to do so.
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| Q2. |
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Reducing the instalment rate will mean a longer repayment period and you will incur more interest on the loan, which is computed based on the prevailing CPF Ordinary Account interest rate, which is at least 2.5% or more. Since the inception of the Education Scheme in 1989, the CPF Ordinary Account interest rates have ranged from 2.5% to 4.7%.
Under the Terms & Conditions of the Education Scheme, the loan must be fully repaid within 12 years. Any outstanding balance have to be paid up in one lump sum before the end of the 12th year. Hence, if students repay at a low instalment rate, they not only incur additional interest costs but may have to make a lumpsum repayment if the monthly instalment rate cannot fully repay the loan by the 12th year.
If the monthly instalment rate indicated in your repayment letter is more than $100, and you would like to reduce the rate (subject to minimum of $100), you may login using your SingPass at www.cpf.gov.sg under ‘My Request’ to do so.
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| Q3. |
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You must change the instalment rate by the 14th of the repayment commencement month stated on the repayment letter. For example, if the commencement month stated in the letter is July 2006, you need to change the rate by 14th July in order for the change to be effective from July 2006.
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| Q4. |
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You may check the status of change of monthly instalment rate at www.cpf.gov.sg by logging in to “my cpf Online Services" using your SingPass under “My Activities” for Education Scheme. |
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| Q1. |
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You may use the online calculators at www.cpf.gov.sg, under ‘Calculators’ --> Education.
You may also check the latest total outstanding loan amount shown in your Education Scheme Redemption Statement at www.cpf.gov.sg, which you may access under “my cpf Online Services”, using your SingPass.
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