Tuition 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,
Registration number and contact number to their respective TFL
administering Bank as follows:
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For OCBC Bank:
OCBC Bank
Loan Operation (Secured Non-Mortgage Unit)
Tuition Fee Loan Section
105 Cecil Street
#04-00 The Octagon
Singapore 069534
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For DBS Bank:
DBS Bank
Item Processing Unit
Credit Operations
(CP No. CC0004E)
c/o 6 Shenton Way
DBS Building
Singapore 068809 |
All
new TFL applications made using the TFL application form available
at
http://www.nus.edu.sg/iw/resources/oam/misc/TFLFORM2009-19Feb2009.pdf 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?
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 CS (CS Login (https://myisis.nus.edu.sg)
--> Self-Service --> Campus Finances --> Bill Request --> Select Bill Type “Student Bill”).
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, subsistence loan and a
bursary. The bill does not show the loans and the amount for the
bursary award does not read the amount awarded. 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, all scholarships and
bursaries are grouped as “Scholarship/Bursary” while all grants and
loans, with the exception of the widely-held study loan award which
is reflected as an independent line-item, are grouped under
“Loan/Other 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.
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/iw/resources/oam/misc/TFLFORM2009-19Feb2009.pdf. 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 Registration 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.
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