How do I plan my CPF education loan repayment? - Seedly
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Anonymous

Asked on 06 Nov 2019

How do I plan my CPF education loan repayment?

I'm currently a first-year NSF, have about 8.5k to repay in poly fees. I plan to pay using the 2k in my PSEA currently and the 3k from the NS HOME awards upon ORD-ing, and the remainder will be settled in cash. Is this the best way to go?

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Alvin Teo
Alvin Teo
Level 6. Master
Answered on 07 Nov 2019

Best way is the way that can allow you to complete payment the quickest and with less interest.

I have suggested to many of my fiends to first borrow the amount from their parents if it is available and repay them slowly. Usually parents don’t charge interest.

Otherwise, keep saving your NS pay, work to get to officer rank overseas where your pay and allowance is the highest so you can earn more, and overseas may mean you club less, ultimately leads to faster accumulation.

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