How long do our local universities graduates took to repay finish their education loan?

[TheApathetic]

no comments on that friend. he say just let it roll. nothing he can do.

i guess some individual really want to go through the end-to-end life cycle, aka, into adulthood > parenthood and such.

The reason why there are so many peasants in the world is because peasants keep giving birth to more peasants.

 

[niefeng80]

borrowed $30k+ from local bank no interest until I started working. Took 5 years to clear the loan.

Compared to friends who went overseas for uni and came back straight away got car to drive...

 

[niefeng80]

usually not intense repayment right?

I think you can work out the math.

$30k/36mths= $833

This is haven't add in interest. With interest probably abut $1k for 1 month. Do it for 3 years after grad.

If the pay is $5.5k-$6k I think no issue. The fresh grads that join the company I am in are getting $6k.. and most are from overseas uni which I hearsay mostly paid by parents.

It is not shocking that most of them went poly then overseas uni, got a few from after O level straight away go overseas for foundation year... I guess most likely results all cmi.. but after a few years in overseas uni, they can be on par with those who went thru local uni.

 

[testart]

I think you can work out the math.

$30k/36mths= $833

This is haven't add in interest. With interest probably abut $1k for 1 month. Do it for 3 years after grad.

If the pay is $5.5k-$6k I think no issue. The fresh grads that join the company I am in are getting $6k.. and most are from overseas uni which I hearsay mostly paid by parents.

It is not shocking that most of them went poly then overseas uni, got a few from after O level straight away go overseas for foundation year... I guess most likely results all cmi.. but after a few years in overseas uni, they can be on par with those who went thru local uni.

Haha ya, $1k a month on a $6k pay really not a big problem

Ya, exactly. I also got one friend O-level cannot make it to JC or poly, but straightaway fly to US for uni degree. End up graduate also same paper, just different route. Shows how much family background matters, not just “study hard” only. Some can bypass the local system if got money, while others got to slowly work their way through poly then uni.

 

[Potato_Wedges]

U then poor in financial literacy lor

Student loan is interest free till graduation

Student loan means have to pay once start working.
If parents hv financial literacy...start saving/investing (thru S&P 500) for them the day they are BORN!

 

[uselessbum]

I did hint to my kids that I'll pay for their education as I thought it is my responsibility as a parent. But I also think it's a good idea to instill some financial responsibility on them too for them to pay for part of it. What can be a middle ground?

Something like my parents also.

Initially I wanted to take a loan. Then my parents (especially my mother) angrily told me not to. They said that they didn't work and save all that money just for me to put myself in such heavy debt so early on. They understood why I had the thought of doing so but they made the argument that my first and foremost duty to them should be to concentrate fully (part-time work still ok) on my studies and get a good result for them.

Then they suggested that after my studies, I start taking on household expenses (including the housing loan that had not been fully paid off yet), in increasing proportion as I worked longer/promoted. And that was what I did. I still worked part-time on and off during studies for my own pocket money.

 

[gnoes85]

I did hint to my kids that I'll pay for their education as I thought it is my responsibility as a parent. But I also think it's a good idea to instill some financial responsibility on them too for them to pay for part of it. What can be a middle ground?

Simple, I pay for my kid. My kid pay for my grandkid

 

[niefeng80]

Haha ya, $1k a month on a $6k pay really not a big problem

Ya, exactly. I also got one friend O-level cannot make it to JC or poly, but straightaway fly to US for uni degree. End up graduate also same paper, just different route. Shows how much family background matters, not just “study hard” only. Some can bypass the local system if got money, while others got to slowly work their way through poly then uni.

Had a colleague who shared that his brother was a cmi. Get into fights during sec sch days, NA student, eventually went to poly. But family well to do, send him overseas for uni to study law. In that 5 years in UK, he changed and become much better but still very disiao.. came back and now working as corporate lawyer earning decent salary ($10k+). He is around 34yo.

My colleague who is the guai one of the siblings, did everything locally feels unjust that family spent so much more to the sibling that cmi.

 

[Senfai]

Your definition of “cmi” is “get into fights, NA student, eventually went to poly

like that I am also cmi…

Had a colleague who shared that his brother was a cmi. Get into fights during sec sch days, NA student, eventually went to poly. But family well to do, send him overseas for uni to study law. In that 5 years in UK, he changed and become much better but still very disiao.. came back and now working as corporate lawyer earning decent salary ($10k+). He is around 34yo.

My colleague who is the guai one of the siblings, did everything locally feels unjust that family spent so much more to the sibling that cmi.

 

[niefeng80]

Your definition of “cmi” is “get into fights, NA student, eventually went to poly

like that I am also cmi…

My colleague say one not I say one.

As usual, this will trigger lots of sensitive people who says that NA students can make it too.

You are right, I know some ITE grads who are big tow kays now.

 

[highsulphur]

Something like my parents also.

Initially I wanted to take a loan. Then my parents (especially my mother) angrily told me not to. They said that they didn't work and save all that money just for me to put myself in such heavy debt so early on. They understood why I had the thought of doing so but they made the argument that my first and foremost duty to them should be to concentrate fully (part-time work still ok) on my studies and get a good result for them.

Then they suggested that after my studies, I start taking on household expenses (including the housing loan that had not been fully paid off yet), in increasing proportion as I worked longer/promoted. And that was what I did. I still worked part-time on and off during studies for my own pocket money.

I rather my kids take on a study loan rather than to pay for my mortgage which is my own loan

 

[testart]

Had a colleague who shared that his brother was a cmi. Get into fights during sec sch days, NA student, eventually went to poly. But family well to do, send him overseas for uni to study law. In that 5 years in UK, he changed and become much better but still very disiao.. came back and now working as corporate lawyer earning decent salary ($10k+). He is around 34yo.

My colleague who is the guai one of the siblings, did everything locally feels unjust that family spent so much more to the sibling that cmi.

Sometimes parents will spend more on the one who cmi, because they scared he wouldn't make it in life if never help. The guai one they 放心 already, so they never pump in as much help.

But in the end both also ok, just that guai one will always feel like he lose out. Life like that, not about fair, more about who needs what at that time.

 

[uselessbum]

I rather my kids take on a study loan rather than to pay for my mortgage which is my own loan

I understand where you are coming from I guess from my parents POV, since I'm a part of the household, the housing loan belongs to all of us.

 

[highsulphur]

If you pay for Uni fees, they need to pay you $100 per mth, compound at 2% yearly for however long you live

No need la. Not here to make money off them. Just want to instill a sense of financial responsibility and some form of financial planning

 

[highsulphur]

I understand where you are coming from I guess from my parents POV, since I'm a part of the household, the housing loan belongs to all of us.

Are you the only child?

 

[uselessbum]

Are you the only child?

Yes.

 

[fortunecat]

If people can easily saved 100k by 30 yrs old after working for 5 yrs, that means they realistically can repay in 2-3 yrs if they really want to

 

[highsulphur]

Yes.

OK la. If that's the case maybe they think the flat will be yours eventually so you might as well start contributing to the mortgage repayment

 

[VEF888]

most will borrow against from parents' cpf and repay, no?

 

[rayban]

Mine free
Got scholarships when I was studying in Russia ( Uni scholarship) , Austria ( Erasmus + ) , South Korea ( Uni scholarship)