Anonymous
Will Study Loan interest rates drop?
I'll be going into a university this July and I need to take a study loan to be able to pay the tuition fees.
I recently saw a post on FB in the seedly group that mentioned that a bank offered a 1.5% interest loan for a Home loan with 5 years lock in.
Considering that other loans interest rate have dropped, will study loan interest rates drop too?
I'm so sorry if this is a dumb question, still very new to all these :(
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Local public, local private or overseas university?
For local public ones (NUS, NTU etc), it is interest-free during your course of study. There's up to 5 years of interest free loan repayment upon graduation. Afterwards, the interest rate is an average prime rate of DBS, OCBC and UOB (its the rate 4-5 years later, so hard to say what the rate will be).
For the rest, possible but haven't seen study loan rates drop yet?
https://www.moneysmart.sg/education-loan