Tuition loan vs CPF
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jetsetter:
Number 3 still inside my wife's womb. Never too early to start
Wah...Stressful for your #2!
Didn't know u hv a #3!
My dream is to become an overseas study mama...hope my kid doesn't mind my presence!
But that's the chant I've been reciting to them :evil:
My wife's dream job is also to become an overseas study mama. It's probably not that difficult to land that job, we could always pack the kid to Universiti Malaya (or one of the lesser known ones)
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Have not really thought about the loan part.
If taking a loan from bank, the repayment plan is already agreed upon at the start of the loan or at the completion of the course?
If CPF, must we return whatever due within certain year? The borrower is still yourself? -
We told our kids we can finance local university fees. Anything over that, they will have to find their own ways. In terms of comparing with others - every family has their own considerations. It’s like pocket money issues - not every family can give the same amount.
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jetsetter:
My dream is to become an overseas study mama...hope my kid doesn't mind my presence!
I would if I were your kid! Nothing personal against you, but think I would have minded my parents hanging around when I was in university. But I realise that many Singapore kids now like their creature comforts, and welcome their parents' presence and provision even when they are in university. If my daughter goes overseas, we have told her that we will use her as an excuse to travel, but won't want to spend time hovering over her (much to her relief!). -
My family isn't well to do.
I started earning my own pocket monies since JC by giving tuition in the evenings to pri school kids and later sec school kids during Uni. Worked part time as clerk during school holidays as well.
Friends asked if I wanted to join tours after graduating (think there's special fares for undergrad) but I couldn't - I have to get a job soon!
It doesn't affect my relationship with my parents at all, I don't feel bitter.
If anything, it taught me how to manage my monies wisely - was able to repay the fees, save enough monies to get a new flat (in an unpopular estate ) and get married a few years after graduating. -
Nebbermind:
Cut and paste from webpage:
If CPF, must we return whatever due within certain year? The borrower is still yourself?
How does the education loan repayment work?
The student has to start repaying the loan one year after graduation or termination of studies, whichever is earlier. The student will receive a letter from us with the loan repayment details about three months before it commences. If the student intends to start the repayment earlier, the student can contact us through the e-Concierge service under My Request.
Repayment must be made in cash either in one lump sum or via monthly instalment over a maximum of 12 years. The monthly instalment rate will be computed for the student based on the loan amount and repayment period.
Students are encouraged to repay the full loan as early as possible to save on the interest payable and to allow the account holder to use these monies for his/her housing and retirement needs. This can be done by making lump sum repayments or repaying at a higher monthly instalment amount.
Students can use the CPF Education Loan Repayment Period Calculator to compute how long it will take for them to repay the loan or the Monthly Instalment Rate Calculator to work out a suitable loan repayment plan.
Can the student defer the education loan repayment?
The student can apply to defer the repayment for the CPF savings withdrawn for the following reasons:
Serving full-time National Service (NS); or
Studying full-time; or
Currently unemployed.
https://www.cpf.gov.sg/members/schemes/schemes/other-matters/cpf-education-scheme
Sounds to me that borrower should be student but parents can always pay cash on their behalf. -
:thankyou:
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slmkhoo:
:rotflmao: Haha! I doubt my kid would want me to stick around throughout his varsity years, since he's so indept! There isn't any 'study mama' visa for parents of student visa holders of 16 and above in the UK I think. However, I'd met many parents of former coursemates who stayed there for as long as 6 mths (maximum per visit) and returned to Sin to hv their visas renewed and back to the UK again. Some of my aunties bought apts in Greater London, so I guess they could stay there continuously as \"investors\" (TBC??) to stick/hover around with my cousins. I'm sure many students in Oz have similar arrangements. It's akin to having your kid return to your Singapore apt every day after a day's lectures at NUS/NTU/SMU, so I don't think it's too muchjetsetter:
My dream is to become an overseas study mama...hope my kid doesn't mind my presence!
I would if I were your kid! Nothing personal against you, but think I would have minded my parents hanging around when I was in university. But I realise that many Singapore kids now like their creature comforts, and welcome their parents' presence and provision even when they are in university. If my daughter goes overseas, we have told her that we will use her as an excuse to travel, but won't want to spend time hovering over her (much to her relief!).
I suppose if 6 mths is too long, then 30 days sticking around, twice a year, isn't that crazy an idea, but that would mean I've to quit my job or take no pay leave in my 50s! hehehe! My sticking around = museum visiting, driving to the outskirts, gardening, baking, shopping, watching musicals or movies...Or maybe I should apply for a phd course so I get a middle-aged student visa myself too! :siao: :yikes: -
floppy:
:congrats:
Number 3 still inside my wife's womb. Never too early to startjetsetter:
Wah...Stressful for your #2!
Didn't know u hv a #3!
My dream is to become an overseas study mama...hope my kid doesn't mind my presence!
But that's the chant I've been reciting to them :evil:
My wife's dream job is also to become an overseas study mama. It's probably not that difficult to land that job, we could always pack the kid to Universiti Malaya (or one of the lesser known ones)
Or more pro-Chinese University of HK? Only 3 hr 45min flt nia... You can buy an apartment in HK and it's easier to get a job I guess in HK?? Maybe like dishwashing helper in a char chan teng at Mongkok, since underemployment/unemployment in HK is not low for locals? (jk only!) :evil: -
Can we do half bank loan half cpf? Like first 2 years on bank loan, next 2 years utilise parent’s cpf?
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