Anyone tried partial repayment of DBS tuition loan before?

I am currently about $30k in debt for tuition loan, in my final year now. Will end school around Apr 2019. I have some cash on hand, probably about half to pay off the student loan. I'm wondering will the interest rate still be applicable for the first half of the payment that I've made? Or just the remaining payment?

I'm thinking what are the odds of me being able to pay off the debt, interest free. I currently have a side income of about 1k a month. Any advice will be appreciated, thank you!

5

Discussion (5)

What are your thoughts?

Learn how to style your text

Jim Ng

07 Jun 2019

Marketing Strategist at https://www.bestseo.sg

Hi, you can repay part of the loan as stated in the contract of the tuition loan.

The accrued interest will only apply on the remaining balance of the loan.

You can read more about the different modes of payment here:

https://www.dbs.com.sg/personal/loans/personal-...

Reply

Save

View 2 replies

Gabriel

10 Nov 2018

Undergraduate at National University of Singapore

Yes you can pay off the first half without incurring interest so long as you have not graduated yet since the interest only kicks in upon you graduate. In fact, try to clear off your student loan as soon as possible especially upon graduation so as to reduce the amount of interest payable.

Reply

Save

Yong Kah Hwee

09 Nov 2018

The interest will be on the remaining payment! Save as much as you can, reduce your expenses, and yo...

Write your thoughts