Why cant NUS/NTU grad use their CPF to pay off study loans?
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Why cant NUS/NTU grad use their CPF to pay off study loans?
Avg salary per mth of a fresh grad: $2,200 (gross)
Less: 20% CPF deduction: $440
Take home salary: 1,760
Less: Repayment of study loan: $500
Less: Money for parents: $200
Disposable income: 1,060
If they were to be able to utilise their CPF for the repayment of their study loans, wouldnt that make their life easier?
Moreover, now that the government is encouraging procreation, they should allow for such arrangment, since most of the guys can't even afford to pay for their wedding when they are in their early thirties:-
Guys finish NS: 21 yrs old
Guys finish studies: 25 yrs old
Guys finish paying off their study loans (assuming they took up a loan of $20,000 for a four year course and made repayments of $500/mth): 28.5 yrs old
They can only wish for a significant pay rise every year or hope they/their parents strike lottery (big ones).
The current job market doesnt seem to be picking up and most of my grad friends ended up doing insurance... looks like studying full time in a local varsity doesnt seem to payoff.. at all.. future looks really bleak.
Sigh~
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Welcome to the reality..
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can work part-time to pay for loan also wat
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Face reality... Since when your retirement $$ can be suka suka be used for such things?
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hannor hannor.. u cannot use them lah.. if not where the government find money to suka suka investment in other countries?Originally posted by sbst275:Face reality... Since when your retirement $$ can be suka suka be used for such things? -
If there is no CPF, there is no MRT....
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mi o level nia...
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The MRT is dif... The govt can get the $$ back from the operators, indirectly from our faresOriginally posted by CoolMyth:If there is no CPF, there is no MRT.... -
Last time in poly
when they say can pay school fees using parents CPF
they mention something like cn use yr own CPF to pay
den now say must pay back in cash
actually if yr parents are over 55 years old..and have the minimum requirement ( i think 40k in their cpf till they are 62) u can ask yr parents to write a letter and request that u dun haf to pay them back
but for NUS NTU i not so sure -
same for NUS/NTU CPF scheme.
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with such debts before we even start work....who would even dare to dream of retiringOriginally posted by sbst275:Face reality... Since when your retirement $$ can be suka suka be used for such things?
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Retire elsewhere.I am going to migrate after graduation.Originally posted by bratpig:with such debts before we even start work....who would even dare to dream of retiring -
Laz where you intending to retire??
Don't come to Australia. Stupid Place.
Better do research properly before you apply to any country, alot of affecting factors - don't trust too much on what everone says, best is to go to the embassy and speak first hand with advisors. -
You can choose to repay the minimum monthly, which is usually either $100 or $200. I did.
Also, this is one loan which does not have early repayment penalty. So, when you feel you have enough saving for other matters, pay it all off in one shot. This is exactly what I did. Had saving of 10K and debt of 15K back then when I quit my first job. If I had been paying $500/mth or $1000/mth, I wouldn't have the courage to quit my first job without a second job in sight. My friend choose to pay $1000/mth and could not quit even when he is extremely frustrated with his boss. In the end, he also did not clear his debt much faster than me as I manage to make a lump sum payment when I feel I had enough buffer for emergencies.
And don't worry about the interest. This is the loan with one of the lowest interest after housing. Anyway, in a few years time, you will probably get use to having debts. Few are able to buy a flat without taking a loan. -
why can't the moderator remove the postings and pics of forumers whom have been banned?
dun expect them to remove themselves coz its the mods' job u know 
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No... You will have to pay back the $$ later onOriginally posted by BufPuf:Last time in poly
when they say can pay school fees using parents CPF
they mention something like cn use yr own CPF to pay
den now say must pay back in cash
actually if yr parents are over 55 years old..and have the minimum requirement ( i think 40k in their cpf till they are 62) u can ask yr parents to write a letter and request that u dun haf to pay them back
but for NUS NTU i not so sure -
if i not wrong is back them back in cashOriginally posted by sbst275:No... You will have to pay back the $$ later on
so up to yr parents wan to accept a not -
The government will be raising the CPF Minimum Sum from $80,000 to $120,000 in 2013. Even if you have retired, you have only got three option of getting your money back;
1) Annuity payment;
2) Fixed deposit placement; or
3) Keep with CPF (crazy...)
Might as well they make those grad's life easier NOW than making them suffer so much during their early years. Moreover, in the current environment we've living in today, many of them wouldnt even be able to LIVE long enough to spend that money... sigh~