Please refer to MOE website for more details on student eligibility.
- Guarantor must be aged between 21 and 60 years at the point of application.
- Guarantor must not be an undischarged bankrupt at the time of application.
- Nanyang Technological University
- National University of Singapore
- Singapore Institute of Technology
- Singapore University of Social Sciences
- Singapore University of Technology and Design
- Nanyang Polytechnic
- Ngee Ann Polytechnic
- Republic Polytechnic
- Singapore Polytechnic
- Temasek Polytechnic
- LASALLE College of the Arts (Singaporeans & Singapore Permanent Residents only)
- Nanyang Academy of Fine Arts (Singaporeans & Singapore Permanent Residents only)
- ITE College Central (Singaporeans & Singapore Permanent Residents only)
- ITE College East (Singaporeans & Singapore Permanent Residents only)
- ITE College West (Singaporeans & Singapore Permanent Residents only)
- Cheque Payment
Payee Name: DBS Bank Ltd
Please indicate the HESL account number and Passport/NRIC for reference and drop the cheque at the Quick Cheque Deposit Box - Cash Payment at Branch
- Telegraphic / Wire Transfer
Beneficiary: DBS BANK, Current Account 003-957600-5
Reference: HESL account ref: XX-XXXXXX-X
Singapore DBS Bank SWIFT address: DBSSSGSG - Application may be made to MOE to utilize PSEA funds to make repayment towards their loans.
For more information on PSEA usage, eligibility and application, please visit https://www.moe.gov.sg/financial-matters/psea.
For other PSEA related queries you may also refer to the PSEA FAQ.
Note: Kindly take note of transfer charges (if any) so that there will not be a shortfall in the settlement amount.
The HESL scheme is interest-free during a student’s course of study. Repayment of loan interest will start when a student graduates or leaves the institution. The interest rate basis for the HESL scheme is the same as existing governmental loan schemes (signed on or after 1 Apr 2024), as shown below:
| |
|---|---|
Standard interest | 3-month compounded Singapore Overnight Rate Average (3M SORA) plus 1.5 percentage points or such other rates as may be determined from time to time by the bank |
Late payment interest for overdue and unpaid loans/loan instalment | 3M SORA plus 4.5 percentage points or such other rates as may be determined from time to time by the bank |
The maximum loan repayment period for the HESL scheme is 10 years. The minimum repayment amount for the HESL is S$100 per month.
Upon graduation, students can opt to repay their HESL account either by a full lump-sum payment, partial payment or equal monthly instalments of minimum S$100. For students who leave the institution without graduating, their HESL outstanding will become due and payable in full immediately. However, the student can make an appeal to the bank to repay their loan in monthly instalments.
Yes, a guarantor is required. The guarantor must be between 21 and 60 years of age (based on the guarantor’s age at the point of loan application), meet the citizenship status criteria and is not an undischarged bankrupt.
You do not need to apply for HESL if the current provision under the TFL and/or SL is already adequate to meet your financial needs. However, if you require new or additional loan provision under the HESL scheme, please approach your institution for advice and assessment of needs from 15 Sep 2026.
There is no impact on existing or graduated students with an existing government student loan . Existing students who do not intend to adjust their borrowings under the TFL and SL will continue to receive the loan provision based on what they have taken up. Upon graduation, students will continue to service and repay their outstanding TFL and SL loan amount.