Study loan troubles

AlxK SG

Hi, i have recently enrolled into a diploma course at kaplan, and i have trouble paying the fees. Initially, i thought i could get a bank loan to fund my studies but it turned out that my guarantor did not meet the requirements because she had only started working for 2 months, and the bank wants at least a 6 months safety net. Plus, my relatives are pretty much unable to help, so im stuck. My grandpa was willing to help, but he’s too old to be a guarantor. He kept suggesting a collateral but i’ve never heard of a bank accepting collaterals/ deposits for an education loan. The amount i need is not that much either, its only 6k plus. So i doubt you need a collateral to take that amount. The various bank’s websites i checked are rather vague on the issue so im unable to get much information there. Does anyone know of a way i can still secure a loan in this situation?

Mr Milo SG

You got other friends to be your guarantor?

Other than this, i got no idea......

hope the others in this forum got suggestions

Just_do_it_lah SG

You got other friends to be your guarantor?

Other than this, i got no idea......

hope the others in this forum got suggestions

Yeah.. The suggestion is = only your family members can help you in financial matters... When talking about being guarantor to a loan, many people aka friends will disappeared from your life even before u speak...(Haha, it is a sad truth).... Except your family members... Becos they are stucked with u, ie, TS. :-P

Mr Milo SG

Unless thread starter works to pay off the loan................

Hmmm, i thot there is such a thing call education loan?

you can borrow 1st then after finish can pay off? but got interest....can't remember the details...too long ago

did thread starter went through all his funding options?

had he done so, maybe he would not be in such a situation

mancha SG

A guarantor should be a rich benefactor to not mind being a guarantor, or a fool.

Because in the event of a default, the guarantor will be liable. The rich benefactor just pay, the fool gets nothing but the liability. Not worth it.

Just_do_it_lah SG

A guarantor should be a rich benefactor to not mind being a guarantor, or a fool.

Because in the event of a default, the guarantor will be liable. The rich benefactor just pay, the fool gets nothing but the liability. Not worth it.

Haha. u got my point. :-P

Jocelyntxh SG

Take up a scholarship?

Or internship?

bursary?(if have)

M the name SG

First of all, why didn't you considered taking part-time diploma from Nanyang Polytechnic? Do you know that their part-time diploma are subsidized by WDA (Workfore Development Agency) and student only pay $700 for 6 month ? NYP 's entry requirement is also better compared to other poly as long as you have NTC-2 or 2-3 years? working experience (I am not sure if this year it is still the case.)

If you are looking for "shorter" route for study as your main concern, I suggested you contact Kaplan to see if they have any installment plan for your study. Otherwise if you cannot handle money issue, might just dropped their course if they allowed and switch to local poly. Trust me, during my job interview, almost of the applicants have local poly cert and I never seen or heard anyone claim they are "private" student and they are selected immediately, unless you are getting an degree course from Kaplan, I doubt you stand a chance in employment.

speakoutfor SG

Maybe you should consider studying and working part time.

Courtneyharris788 SG

mancha SG

Take up a scholarship?

Or internship?

bursary?(if have)

Many people can get a scholarship, or bursary from...

their parents only.

potatoes_chips SG

I work with many private schools and in most school reception counter, there will be bank brochure offering education loans ( this might involve using your parents CPF or something) . Best is check with your education consultant.

If they can;t work out for you, try to 'act' like you wish to withdraw from the course!

hope this helps

troublemaker2005 SG

unless you going to university any education up to diploma should be no problemn for any average people to work full or part time and fund it on their own. c/mon my o levels sucks still can go polytechnic local ones. well, maybe my ITC helps ahahhahahhaha

Jimm1978 SG

Well I would say try to apply for the other local uni like NUS, then you can apply for a different study loan from dbs. Apply under your name and you start paying once you start work. And plus can use CPF (so your grandfather?). That's the only way I can think of..