Singapore is among the top-quality education providers in the world. The education system enhances the importance of availing globally recognized curricula to every student. The developed infrastructure, economic growth, and political stability provide more opportunities for educational institutions to improve their services and encourage outstanding performances from the students. However, these benefits can lead to high tuition fees in most institutions. The cost of education in Singapore varies depending on your residential status: Singaporean citizens, permanent residents, and foreigners who qualify as international students. On many occasions, Singaporeans either receive free education or pay less than PRs and international students. As a parent, finding alternative education funds to finance your child’s education can be beneficial. Below are some options that can help you provide quality education for your child in Singapore.
Types of education funds in Singapore
Scholarships
Scholarships allow the students to access quality education because of their academic performance or unique talents and skills. The student has to follow the requirements of the institution and submit an application that makes him/her stand out from other applicants. Education institutions and private organizations put up advertisements online and in the print media to attract applicants from all the corners of Singapore. A scholarship can cover a large percentage of your tuition while you cover the remaining part of the tuition fees. Schools like Global Indian International Schools and Global Smart Campus offer students the 9GEMS holistic scholarship and Future-Ready Merit scholarship, which covers up to 75% of your tuition.
Sponsorships
Many students and parents cannot tell the difference between scholarships and sponsorships. Although scholarships can be need-based, sponsorships are solely for students who do not have the means to afford education in Singapore. The student may be from a low-income family or an orphan. Organizations can sponsor a student in various education levels: primary school, high school, and higher learning institutions. The organizations look for willing donors who then pay the tuition fees through the organization or directly to the school. A lot of research goes into determining the eligibility of each student.
Loans
Loans are the most popular education funding solution for Singaporeans and permanent residents. Banks avail a large sum of money each year that is set aside for education loans. Before submitting a loan application, the applicant has to follow the eligibility criteria and prove their ability to pay back the loan within the timeframe given by the bank. Singapore banks allow the students to pay back the loan over a reasonable period and at a lower interest rate. The process may not be the same for international students.
Government bursaries
These are exclusive to Singaporean citizens only. The government sets aside funds to support students at all education levels. They cover tuition fees from preschool to tertiary institutions. The bursary funds can cover up to 95% of a student’s tuition fees. The student applies for these bursaries by accessing the government portal or visiting local government offices.
These options allow all students in Singapore to have a fair chance of accessing quality education. You do not need to have a high financial ranking to join GIIS or any other top-notch school. A little curiosity and research will give you a lot of resources to access these education funds.
