*CPF Education Scheme*

NOTICE!!! 1. Under the CPF Education Scheme, a student is required to repay the CPF savings withdrawn including the interest that would have accrued if the withdrawal had not been made, one year from the date of completion of the course/the date he leaves the institution, whichever is the earlier. 2. Repayment may be made in one lump sum or by monthly instalments in such manner as the Board may determine. 3. Repayments to the CPF Board by monthly instalments shall be made through the GIRO system or by such other methods of payments as the Board may decide. CPF savings cannot be used for repayment. 4. Subject to the Board's approval, the minimum monthly instalments repayment rate is $100 and the maximum instalment period is 12 years. 5. Subject to the Board's approval, a student may apply to change the rate of monthly instalment repayment, subject to a minimum of $100 per course of study. 6. As interest on the outstanding loan is computed monthly and compounded yearly based on the prevailing CPF Ordinary Account interest rate until the sums due is fully repaid, students are encouraged to repay these sums as soon as possible. 7. Request to change the monthly instalment repayment rate, where submitted by the 14th of each month, will be effective from the current month if approved. This cut off date is subject to change. 8. The Board may at its discretion require the student to increase the monthly instalments repayment rate or make a lump sum repayment to ensure that repayment schedule will not exceed the 12 years repayment period. 9. The student must ensure that he has a GIRO arrangement for the repayment under the CPF Education Scheme, in order for deductions to be made. 10. The student must ensure sufficient funds in the GIRO account to cover the deductions. Some banks levy a service charge for unsuccessful deductions. Such service charges shall be payable by the student. 11. If the student defaults in the repayment of the CPF savings withdrawn and the accrued interest, legal action may be taken by the Board to enforce the repayment from the student and/or the guarantor (where applicable). 12. In such event, the student and/or the guarantor (where applicable) will be liable to pay all the legal costs and expenses on an indemnity basis including but not limited to all costs and expenses incurred in respect of the legal proceeding including any execution or enforcement proceedings taken out to enforce any judgment or court order made against the student and/or the guarantor.