Office of Financial Services
FAQ
FeesTuition Fee Loan and Study Loan Schemes
1.
How do I know if my application for the Tuition Fee Loan Scheme is successful?
All application for tuition fee loan under the Tuition Fee Loan scheme, subject to the acceptance of the application form by the Bank’s branch officer and the issuance of the Letter of Offer (contained within the tuition fee loan application form), is considered as pre-approved.
In the event that more information of the applicant/guarantor is required or that the application is unsuccessful, the student will be notified by the Bank. As such, students applying for the tuition fee loan are strongly encouraged to provide a contactable telephone number and address such that the Bank may be able to reach them in the event that further clarifications are required. Should applicants of the tuition fee loan subsequently change their mailing address or contact number please update the banks promptly, DBS at 6333 0033 and OCBC at 1800-438 6088.
2. What do I need to do if I want to terminate the Tuition Fee Loan in the middle of my course of studies?
Students who wish to terminate the tuition fee loan in the middle of their course of studies are requested to contact the applicable banks, DBS at 6333 0033 and OCBC at 1800-438 6088, to inform of their intention, and the Banks will provide further advice on the procedures. However, prior to making the decision to terminate the loan, students are to ensure that they have sufficient alternative financing to see them through the remaining years of their course of studies.
3. I am currently a tuition fee loan (TFL) holder. Will tuition fees incurred during my special term studies be covered under the TFL scheme?
With effect from AY2007/08, MOE has extended the coverage of the TFL scheme to include tuition fees incurred during special term studies.
Existing TFL holders whose loan was awarded before AY2007/08 and wish to pay their special term tuition fees with the TFL scheme are requested to write-in with their request, full name, NRIC, student number and contact number to their respective TFL administering Bank as follows:
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For OCBC Bank:
OCBC Bank
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For DBS Bank:
DBS Bank |
All new TFL applications made using the TFL application form available here and received from 1 April 2007 will automatically cover tuition fees incurred for special term studies, if any. Together with their guarantor, the applicant may call on any branch of either DBS or OCBC Bank with the completed Application Form, both applicant's and guarantor's identity cards/passports, a copy of the University’s Letter of Offer for Admission and the Letter of Offer (which must be signed in the presence of a bank officer).
4.
I have been awarded the NUS Study Loan but my bill does not reflect the amount. When will the loan be disbursed to my account? How will I know if it has been disbursed? Will this mean that the late fee charge will be automatically waived?
If the amount is not paid into my account before the date for GIRO deduction, will the GIRO be effected though I have already signed the agreement for the loan? What do I have to do to stop the GIRO deduction?
If the amount is not paid into my account before the date for GIRO deduction, will the GIRO be effected though I have already signed the agreement for the loan? What do I have to do to stop the GIRO deduction?
The time period for processing of Study Loan applications differs between peak (start of academic year) and non-peak periods. In general, the Study Loan award will be disbursed before the due date for GIRO deduction such that the amount deducted through GIRO will be net of the study loan quantum the student is awarded.
Disbursement is subject to the proper execution of the Study Loan Agreement and the students meeting the requirements of the award. On disbursement, the student’s account will be updated and this will be reflected in the student’s bill. For students with credit balance (after offsetting all outstanding bills), NUS’ Agent Bank will send an email to their NUS email account informing award holders of the credit refund. In cases where there is no credit balance, students will be informed of the disbursement through their student bills. Students may also wish to logon to their online Student Account at the Student Center in myISIS.
For students paying fees via GIRO whose Study Loan Agreement have been duly executed but funds yet to be disbursed, the amount deducted via GIRO will be for the amount due, net of the Study Loan quantum to be disbursed. To enquire on the exact amount to be deducted via GIRO, students may wish to write-in to www.askstudentservice.nus.edu.sg.
5.
I was awarded the NUS study Loan, Student Assistance Loan* and a bursary. The bill does not show the loans and the quantum of the bursary award. In fact, it reflects an amount less than what was awarded. Please clarify.
For purpose of standardization and due to limited printing space available on the student bill, OFS is unable to itemize the full array of student awards and loans. As such, the Overseas Student Exchange Programme, Overseas Student Programme and the Notebook Computer Loan schemes are grouped under “OSEP/NCL/OSP” while grants are grouped under “Other Loans & Awards”. Students may wish to note that the amount reflected under respective category of award is an aggregate of all awards the student has been awarded with under the same category of award. Students with further queries on the bills are encouraged to write-in with their enquiries to www.askstudentservice.nus.edu.sg.
*Note: Student Assistance Loan: Previously known as the Subsistence Loan and Cash Assist Loan.
6.
I have been awarded the Tuition Fee Loan (TFL) and/or NUS Study
Loan (SL) for my studies at NUS. However I am required to provide a
Guarantor before the loan agreement(s) may be executed. What is the
purpose of the Guarantor?
The purpose of the Guarantor is to provide an additional form of security to the lending organisation such that the Guarantor will assume the responsibility of repaying the loan should the borrower be unable to meet his/her contractual repayment obligation under the terms and conditions of the loan agreement.
For more information on the terms and conditions of the awards, including further details on the role of the Guarantor, you may wish to refer to a sample copy of the TFL agreement at http://www.nus.edu.sg/oam/scholarships-financialaid/financialaid/loans/financial-loans-tutionfee.html. SL award holders may wish to visit the following website for more information on the relevant SL award scheme: http://www.nus.edu.sg/oam/scholarships-financialaid/financialaid/loans/financial-loans-nus-studyloan.html.
7.
I am currently a NUS Study Loan (SL) holder. Will I continue to enjoy the SL award during my special term studies?
With effect from AY2007/08, MOE has extended the coverage of the SL scheme to include tuition fees incurred during special term studies.
Existing holders of the SL award (awarded before AY2007/08) who wish to utilise the SL scheme for their special term studies are required to send their request for the SL scheme to cover special term tuition fees to the Office of Financial Aid via financialaid@nus.edu.sg with their full name, NRIC and student number.
All new applications for the SL scheme received from 1 April 2007 will automatically cover tuition fees payable incurred during the awardee's special term studies at NUS, if any, in accordance to their terms of award.
SL holders will not be disbursed with any living allowance for their special term studies. All other terms and conditions of the SL award remain unchanged.
8.
What do I do if I need to change guarantors for the Tuition Fee Loan and/or Study Loan?
Students are not allowed to change their guarantor except in the event of bankruptcy, death, insanity or disability of the guarantor, for which the student is required to immediately inform the bank in writing and to furnish an alternative guarantor acceptable to the Bank within one month from the occurrence of the event incapacitating the existing guarantor.
