CPF Student Loans Arrears

[SshinZ]

Hi guys,

It is amazing how little information you can find online on CPF student loans arrears. So little that I kind of suspect our gah-men is controlling the information!! I really hope not.

Well, I sincerely need some advice from anyone out here with some information. A little background:

I graduated in 2014 and started receiving letters from CPF board this year about the repayment of the CPF student loan I've taken from my parents' CPF account. As a "graduation gift" my parents wanted to waive off the loan. However, at that point of time, both my parents were not 55 yet. My dad just turned 55 this year and by the time we waived off the loan, I have incurred an arrear of about $1k plus. My mom will not turn 55 until 3 years later.

Total amount borrowed:
Dad: ~25k
Mom: ~3k

As you know our Gah-men is very sensitive about money and has been sending us monthly letter to repay.

Could any kind souls out here help me with 3 questions?

(1) Who are the arrears for? Payable to my parents' CPF account? or to the government?
- If it is to my parents' account, we've already successfully waived off the loan. Why are they still haunting me.
- If it is to the government, WHY???? I borrowed from my parents, why am I paying back the government??

(2) I tried requesting to waive off the arrears but I didn't receive any reply from the CPF Board. Has anyone's appeal been successful? Could you share your story with me?

(3) My gf and I are looking for a place together. Will this affect our HBD loan?

Thank you all in advance for your kind help! Really need them.

Cheers!

 

[timber2]

Hi guys,

It is amazing how little information you can find online on CPF student loans arrears. So little that I kind of suspect our gah-men is controlling the information!! I really hope not.

Well, I sincerely need some advice from anyone out here with some information. A little background:

I graduated in 2014 and started receiving letters from CPF board this year about the repayment of the CPF student loan I've taken from my parents' CPF account. As a "graduation gift" my parents wanted to waive off the loan. However, at that point of time, both my parents were not 55 yet. My dad just turned 55 this year and by the time we waived off the loan, I have incurred an arrear of about $1k plus. My mom will not turn 55 until 3 years later.

Total amount borrowed:
Dad: ~25k
Mom: ~3k

As you know our Gah-men is very sensitive about money and has been sending us monthly letter to repay.

Could any kind souls out here help me with 3 questions?

(1) Who are the arrears for? Payable to my parents' CPF account? or to the government?
- If it is to my parents' account, we've already successfully waived off the loan. Why are they still haunting me.
- If it is to the government, WHY???? I borrowed from my parents, why am I paying back the government??

(2) I tried requesting to waive off the arrears but I didn't receive any reply from the CPF Board. Has anyone's appeal been successful? Could you share your story with me?

(3) My gf and I are looking for a place together. Will this affect our HBD loan?

Thank you all in advance for your kind help! Really need them.

Cheers!

May you should get your parents to write in instead of you as its your parent's money for retirement - that's the purpose of the CPF right?

As a son, you should well pay back since you had graduated not to mention settling down. But if so far never heard of "arrear" in paying back to HDB would appear your housing application and loans unlike Credit Card company.

 

[SshinZ]

Hi timber2,

Thank you so much for your help. Most definitely I'm paying them back but as most Singaporeans prefer, they want it as tangible cash. Hopefully this matter will resolve soon. I don't want to continue receiving "loan shark" letters.

Cheers!