facebookHi I'd like to ask if anyone can share their actual experience with paying off University Tuition Fee Loan with lump sum/big chunk of the principal amount before the interest rate kicks in? - Seedly

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Ow Jie Liang

Ow Jie Liang

Student Ambassador 2020/21 at Seedly

21 Sep 2020

Property

Hi I'd like to ask if anyone can share their actual experience with paying off University Tuition Fee Loan with lump sum/big chunk of the principal amount before the interest rate kicks in?

For example:

  • did you have to contact the bank when paying off the loan in one shot? I believe that the bank's website states that if you wish to do it this way, you have to contact a bank representative.
  • How/what was the process like?
  • Are there any additional fees as a lump sum settlement will mean that the bank loses out on recurring interest payments.

Thanks!

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The day i graduated, my mom brought me to the bank and paid off $27,900 in cheque. In the next 2 years, i try to pay back my mom at least $1000-$2000 a month.

Before you graduate, you will be receiving letter from bank asking you how you would like to pay off the loan.
I followed the letter and paid quite a huge chunk off without any penalty.

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