How many of you have the problem of enquiring about the fees payable and
the cost of living in Singapore? Well, today is the day of answers,
realizations and queries based on personal experience.
When that precious letter of offer from an university lands into the
hands of a prospective candidate, then s/he begins to think about the
funding of the course as a result. Most of the present economies have
become clever enough to lay off scholarships and it now lies in the
hands of the student to fund his own studies by various available means
like loans and personal wealth.
Though I wont be describing the means in detail, this post is intended
for people willing to study in Singapore. Emphasis is on an Engineering
Masters in National University of Singapore, a leading global university
in Asia. This could be applicable to everyone else, so keep reading!
Highlight was to bring out the negligence and carelessness, one
candidate can do by spending out too much on his own pocket without
looking out.
To begin with, Singapore's Ministry of Education (MoE) offers a 40%
subsidy of the semester fees of the candidate. Link can be
found here. ` <http://www.blogger.com/>`__A
highly recommended one to pick this up. Of course, clauses attach, like
the mandatory 3 year Service Obligation Bond where people have to serve
in Singapore for a minimum period of 3 years upon graduation. Guarantees
are not given to candidates about job prospects and thus, it is the sole
responsibility of the student to look out. Various job centres, college
career centre exist for job openings. Building up contacts also helps as
references matter hugely.
With the remaining 60% being unaffordable to the candidate after the
subsidy, the university offers a Tuition Fee Loan Scheme which offering
up to 90% of the MoE's subsidized fees. Link can be found
here. This
shall be treated similar to an Educational loan back in India. The
period of repayment here is a whopping 20 years! Make sure you have a
guarantor while submitting forms to the Bank and that the signatures of
both people (you and the guarantor) have to be made in front of the bank
officer. The loan amount, once sanctioned, goes to the university
directly and this loan account shall be clubbed with you SB A/C in
Singapore. Make sure the SB A/C and the loan A/C are in the same Bank!
Thus, you would be getting 40% + 36% (90% of 40% of Tuition Fee Scheme)
i.e., 76% of the tuition fees from Singaporean authorities! And so, you
have to pay only 24% of the tuition fees (semester/total) on your own.
This is usually seen by either working part-time or by taking a regular
student loan back in India.
Another suggestion is to put up in the university dormitories rather
than suffering the nuisance of private apartments. Have an extended
sense of your personal expenses, meaning to plan for extra money in case
of adversities. Cutting short will cost you dearly on your personal life
and health. A personal monthly expense of $500-600 and a rent of
$550-$600 is absolutely necessary to live a decent life as a student
in Singapore as per current situation (2011/12). Oh, for the laptop
needs, as it is a must, better buy it in Singapore. Its cheaper and
better keeping in mind that most of the people studying, eventually
apply for jobs here.
And never make the mistake of ignoring fee subsidies wherever
applicable. Contact your department and your university thoroughly
before planning on financials. Singapore is very flexible in money
payment so it is alright to transfer money using parents' help after
you've landed here.