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

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Asked by Jay Liu

Asked on 04 Aug 2018

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/post-secondary-education-account/usage

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly

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Level 8. Wizard
Updated on 07 Jun 2019

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/post-secondary-education-account/usage#LRA"

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Kenneth Lou
Kenneth Lou

20 Aug 2018

Link to site here: https://studentservices.smu.edu.sg/article/34686