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These days, pursuing a higher education and getting a degree has become commonplace. With a University degree, you will be able to acquire valuable skills, knowledge and experience. More often than not, this then translates into better job prospects, leaving you better compensated.
Whether you’re looking to further your education in a local or overseas university, Lending Bee will be able to provide you with the requisite funds to do so.
To begin with, financing the cost of a University education in Singapore can prove to be a struggle for some. Most degree courses in the local universities in Singapore average about $30,000 for a three-year course. If you’re thinking of studying overseas, you can expect to fork out about $120,000 for the entire cost of your overseas education, including your living expenses.
For many Singaporeans, these costs are beyond their budget and most of them seek for education financing loans to further their education.
What Is An Education Financing Loan?
An education loan has the sole purpose of funding your education costs and easing your financial burden in the process. This way, you will not have to worry and struggle about paying for your tuition fees. At Lending Bee, we believe that an education loan allows you to shift your focus to what is truly important: your studies.
Our Process Is Simple – Just 3 Steps
Apply anywhere and we will get back to you within an hour. Efficient and reliable, we help you make progress in life.
Public Universities In Singapore
The local universities in Singapore are classified into public universities and private universities. The public universities are preferred by most Singaporeans because they are more recognized and the fees are highly subsidized by the Ministry of Education’s Tuition Grant. This subsidy can cater for up to 80% of the fees. However, it should be noted that this grant can only be used once. If you have used it to finance a previous course, you will not be able to use it for a second course.
Below is a list of the public Universities in Singapore and an estimate of the tuition fees of some courses:
National University of Singapore (NUS)
Average cost for a 3-year degree course is $27,000.
Nanyang Technological University (NTU)
Average cost for a 3-year degree course is $27,000.
Singapore Institute of Technology (SIT)
Average cost for a 3-year degree course is $26,000.
|Accountancy (4 years)||$27,540|
|Aircraft Systems Engineering (4 years)||$24,390|
|Diagnostic Radiotherapy (4 years)||$36,720|
|Hospitality Business (4 years)||$27,540|
|Information Communications Technology ( 4 years)||$32,520|
|Radiation Therapy (4 years)||$36,720|
Singapore University of Technology and Design (SUTD)
Average cost for a 3-year degree course is $38,500.
Private Universities In Singapore
Though private universities may not be as coveted as public universities, you may still opt to enroll in a private university because of their course design and structure.
There are also several private universities in Singapore. Their tuition fees are generally higher than most public universities.
In general, you can expect to pay between $20,000 to $59,000 in tuition fees for private universities. That said, the cost you incur will naturally be in line with the course that you choose.
An important thing to note about private universities is that the government does not provide much financial support in terms of tuition fee grants.
Furthering Your Education Abroad
If you wish to further your studies overseas, you should be prepared to pay a much larger premium in school fees. Popular destinations for overseas universities include Australia, the UK and US. You’ll easily find yourself having to fork out at least $120,000 for a 2-year course, inclusive of your personal expenses.
What should I consider before taking up an education loan?
As an applicant planning to take up an education financing loan, you should consider the following factors:
1. The required age bracket: To qualify for a loan with Lending Bee, you will have to be above 21 years old. If you fall below 21, your working parents or next of kin can help to take up the loan on your behalf.
2. The amount loaned: As an applicant, you should look for a lender who will be willing to loan the right amount needed for the desired course. Depending on your monthly income, we are able to provide you with loans up to $100,000 or 6 times your monthly salary, whichever is higher.
3. The income of the applicant: For those studying part-time, all you have to do is proof that you have a stable source of monthly income be able to qualify for an education If you are currently not working and wish to take up an education loan, you will require a working parent or next of kin to take up the loan on your behalf.
4. The interest rate: It is wise to choose a lender that can provide you with reasonable interest rates so that you will be able to make comfortable repayments.
5. Other charges: As an applicant, you will need to be aware about the other charges that could be incurred with the loan. These include processing fees, late payment fees and cancellation fees.
6. Duration of the loan: At Lending Bee, depending on your financial situation, we are able to offer you an unsecured education loan with a loan tenure of up to 36 months. This ensures that you will have sufficient time to comfortably repay your loan, while not putting a strain on your finances.
What are the benefits of applying for an education loan with Lending Bee?
1. Flexibility: At Lending Bee, we are more flexible than financial institutions in our terms and conditions of lending. We aim to provide you with the most reasonable lending terms and these include better interest rates and slightly higher loan amounts.
2. Easy application and quick approval: Applying for an education loan can be conveniently done online. The response and approval process are also quick: we will get back to you within 24 hours. Following which, all you have to do is to bring the necessary documents down to our head office for your loan to be approved and for the cash to be disbursed.
3. Credit rating: If you are struggling with a poor credit rating, fret not. Banks usually, do not provide loans to borrowers with low credit rating. At Lending Bee, we will not reject you immediately because of your poor credit score. We will evaluate each individual’s financial situation and if we see an improvement, we may still be able to provide you with the loan.
4. Government regulations: As a licensed money lender, we strictly adhere to all government regulations. This means that they we do not use abusive ways of recovering their cash in cases of default. We also offer wallet friendly interest set out by the Ministry Of Law.
5. Updated loan status: At Lending Bee, we have pioneered a new and improved way for you to get updates on your loan details. Each applicant will have access to an online account where you can keep track on your loan status. This makes loan repayment much easier and convenient. It also reduces the chances of you incurring unnecessary late payment fees.
6. Brings you one step closer to your dreams: Due to our shorter and less stringent loan application process, you will be able to achieve your dream of getting a university education sooner rather than later, saving you valuable time.
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