It’s a common scene: you’re settled in your career, the idea of going back to study crosses your mind, but the cost and sacrifice weigh heavily. What if you’re told adult learners in Singapore are already making that leap and succeeding?
Recent data shows enrolments of adult learners at institutes of higher learning have grown by about 40 percent over the past five years, according to The Straits Times. Meanwhile, Singapore adults improved their scores in the Organisation for Economic Co‑operation and Development (OECD) Programme for the International Assessment of Adult Competencies (PIAAC), demonstrating growing capacity for new learning and skill acquisition.
If you are a working adult who is hesitant about returning to study, you are not alone, and you are not without examples of success.
The next concern for most people is money. The good news is that in Singapore, there are many education loan options that make studying later in life more affordable. The government has been expanding lifelong learning and upskilling pathways to help workers stay competitive in the age of AI, and the financing landscape has evolved alongside these efforts. In short, the support system for adult learners is already here.
Read more: How Singapore Plans to Navigate Workforce Transformation in the Age of AI
Below are five education loan avenues you should know about. Each comes with its own eligibility criteria, repayment method and key advantages. While these may not be the perfect fit for everyone, we believe they can help many working adults take their goals much further.
The DBS Tuition Fee Loan is a government-supported loan scheme designed to help Singaporeans (and eligible international students) pay for their tuition fees at autonomous universities and polytechnics in Singapore.
University and NIE Singapore students can borrow up to 90% of their tuition fees while Polytechnic students can borrow up to 75% of their fees. Interest and repayments begin only after the borrower has graduated. Monthly instalments can go as low as $100, and repayment tenors can stretch up to 20 years.
The loan is open to both local Singaporeans, PRs and foreign students studying full time MOE-subsidised undergraduate or postgraduate programmes in autonomous universities.
Note that regardless of your income status, you will need to provide a guarantor between the age of 21 and 60 years, who is not bankrupt. Also, the loan covers only the subsidised portion of tuition fees. This means it does not cover additional costs for non-subsidised students or full-fee-paying international students.
For part-time students, eligibility varies by institution and the type of program. Always check the exact terms with your university or polytechnic.
The OCBC FRANK Education Loan (for local private or overseas institutions) allows working adults to borrow up to 10 × monthly income or S$150,000, whichever is lower. The interest rate is from 4.5% p.a., with an Effective Interest Rate (EIR) of 5.17% p.a. for the standard repayment option. The loan tenure can be up to 8 years, including the study period.
You can choose one of three repayment options:
There is a one-time processing fee of 2.5% of the approved loan amount (minimum S$100) and an additional S$20 per disbursement fee if there are multiple payouts. This loan supports study at local private or overseas institutions, but you’ll need to verify that the institution is eligible according to OCBC’s criteria. Travel costs and textbooks are not explicitly confirmed as part of the loan coverage, please check with OCBC for further details on what study costs may be included.
Eligibility: Main borrowers must be Singapore citizens or Singapore Permanent Residents, aged 17+, with a minimum annual income of S$24,000. If a joint borrower is needed, they must be aged 21+ and meet the eligibility requirements. Loan currency can be in SGD or other currencies such as USD, GBP, AUD, NZD, subject to exchange rates.
Read more: Bank Interest Rates in Singapore: What You Need to Know
The CPF Education Loan Scheme allows working adults to take a loan from their CPF Ordinary Account (OA) savings to fund tuition fees for full-time subsidised undergraduate programmes at local universities and polytechnics. The loan can be up to 40% of your CPF OA balance, strictly for tuition fees, with no coverage for other costs like hostel fees, miscellaneous charges, or registration fees.
The loan is available to Singapore citizens and Permanent Residents (PRs) enrolled in full-time subsidised undergraduate programmes at accredited institutions, and returning servicemen attending special courses like iBLOCS.
Repayment can be made in installments or as a lump sum, with a maximum tenure of 12 years for installments. If opting for lump sum repayment, the loan must be repaid within one year of graduation. The loan repayment is subject to CPF interest rates.
As the loan is tied to your CPF OA savings, repayment includes both principal and interest based on the prevailing CPF rates. The loan must be repaid in full, and failure to repay may result in deductions from your CPF account.
The Ministry of Education offers a Tuition Fee loan to cover up to 90% of your course fee for autonomous University, LASALLE and NAFA undergraduates. Diploma students from Polytechnics, LASALLE and NAFA are eligible for up to 75% of tuition fee funding.
Diploma loans have a maximum tenor of 10 years, whereas undergraduate tenors stretch up to 20 years.
These tuition loans schemes are conducted by private banks (OCBC and DBS) so potential students will have to approach the banks directly, according to their institution of learning.
Additionally, students with a household income of $2,700 or less, who have already taken the maximum MOE Tuition Fee Loan, can apply for an additional Study Loan to cover the remaining fees and provide a living allowance. However, this additional loan is only available to diploma students from Polytechnics, NAFA, and LASALLE.
For individuals who may not qualify for traditional bank loans or government-backed education loans, personal loans offer an alternative to finance education-related expenses. These loans are not typically tied to a specific degree program, making them versatile for a variety of educational pursuits.
Whether you’re looking to cover tuition for short-term courses (such as programs that cost around $4,000 to $5,000) or other educational costs like study materials, accommodation, and living expenses, personal loans provide a valuable solution.
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One of the major benefits of personal loans is their flexibility. Personal loans, which can also be obtained from traditional banks, differ from education loans in that they are not specifically designed for educational expenses. Unlike regular education loans or government-backed education loans, these personal loans often have fewer eligibility requirements, making them accessible to a broader range of people, including those working part-time or those pursuing part-time studies while holding a full-time job. Typically, some income is required to qualify, but the flexibility they offer is ideal for students with diverse financial needs.
Each loan option has different conditions, repayment schedules and long-term implications. It is important to review all details directly with the lender or scheme administrator before making a decision. Even if one option does not fully fit your needs, others may provide a better path forward. The goal is to choose financing that supports your education without compromising your financial stability.
At Lendingpot, we believe that the right financial support can make higher education more accessible for working adults. We partner with more than sixty financial institutions so you can easily compare offers and find the best option for your goals. Apply today and take the next step toward your professional growth with confidence.
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