Can I use my PSEA account to repay my CPF education loan?

From 1 March 2018, a PSEA account-holder who has taken up Government education loans (i.e. Tuition Fee Loan, Study Loan, and Overseas Student Programme Loan) and/or loans under the CPF Education Scheme for his studies in the Autonomous Universities, Polytechnics, ITE, and Art Institutions, can use his PSEA funds to repay the principal loan, and any interest charged imposed in respect of the government loans or approved financing schemes (i.e. CPF Education Scheme) that are payable by the PSEA account holder as part of the outstanding loan.
https://www.moe.gov.sg/education/post-secondary...

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Kenneth Lou

07 Jun 2019

Co-founder at Seedly

Quoting what I found on an SMU site!

If I could sum it up in pointers:

Yes you can
However you need to have already graduated
You cannot use your siblings PSEA (unless you have emptied out your own)

"You may used your own PSEA funds to repay the TFL, SL and OSP loans if you have not fully utilised the funds during your course of study at SMU. You must however, have already graduated. Thus, if you are still studying, you may only use your own PSEA to pay for your current tuition fees and charges. The funds deducted from your PSEA will be considered as capital repayments. You cannot withdraw the funds from your siblings' PSEA to repay your student loans. That said, if you have already fully utilised your own PSEA, you may utilise your siblings' PSEA funds during your course of study to pay the tuition fees so that you do not incur a bigger loan at the end of your study at SMU. For more information and application, please go to MOE PSEA website https://www.moe.gov.sg/education/post-secondary..."

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