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Anonymous
Should I get a student loan? which is good?
Even if I work part time now I need 8k to get through one year of sch and there is also 1month dec hols once sch starts!!!!!! ALSO, should I be investing with my 2k and what do I invest in?
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Jansen Ng
07 Jun 2019
Business Student at Ntu
Do a check on ur inflows and outflows at the moment.
-Do you have any side income at the moment?
-Will your parents give u any money at all (uni fees, allowance, anything)
-How much will you spend a month
Looking at your time frame, you dont really have the time horizon for investment. I suggest not investing this because u need the liquidity, and u dont wanna cash out when its bad times and lose money. 8k a year means $667 per month, ie u need to earn this amount minimally. Including your expenses, which may total to say, 300-600 a month depending on how u spend.
Considering this, you need to find higher paying part time jobs. $8/h isnt gonna make the cut. Tuitions are great if u are able to teach, but remember, a kid's academic future is impacted by u. Alternatively, find other sources where u can utilise ur skills. Take part in simple survey in sch which gives out $10-15/h or $5/20mins.
Apply for burseries if u are lower income. Apply for mid term scholarships if u can do so. If u study hard and have good skills, go for competitions/case competitions which gives 3rd place about 500-1k, and 1st place 3k-5k kind of award.
Alternative to above, u can take up a interest free tution loan till grad, and invest the money u earn because now the time horizon for the cash is 4 years - till after u grad. U can go for sti etf or ssb because u still need some liquidity, and prob not wan to take up too much risk
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Alex Chua
07 Jun 2019
Seedly student Ambassador 2020/21 at Seedly
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Dont know why the answers here are long and focus on the investment part but I was in the same situation as you 3 years ago. Just take a bank loan and a well paying part time job like tuition throughout your uni years to finance the 10% of school fees that isn't covered by the loan. If your parents still give you pocket money, count it as a blessing because I was left to finance everything myself the moment I graduated from JC and back then I barely had $10 in my savings. It forced me to get my shit together LOL. Otherwise work hard and try to get a scholarship, but bear in mind the bond requirement.
Someone below mentioned case competitions and I agree with that. Pick one that you're confident of winning and hope that you're in luck haha.
Lastly, dont invest unless you've researched enough. Simple as that. With 2k to last you you'd probably not want to invest too. Save those plans for later when you've earned enough and are in a stable place.