You can use your Central Provident Fund (CPF) savings to pay for the tuition fees of your own or your immediate family members’ polytechnic education in Singapore. The CPF Education Scheme allows you to use your CPF savings in the Ordinary Account to pay for education expenses, including polytechnic fees.
Here are some key points to consider:
- Eligibility: You can use your CPF savings if you, your spouse, or your children are studying at a local polytechnic in Singapore. Note that this scheme does not cover education at private institutions.
- Ordinary Account: The funds you use for education come from your CPF Ordinary Account. This is the account where contributions from your salary, employer contributions, and accrued interest are stored.
- Fees Covered: The CPF Education Scheme can be used to pay for tuition fees, course fees, and examination fees. However, it generally does not cover other expenses like miscellaneous fees, living expenses, or study-related costs.
- Application Process: You need to apply for the use of CPF funds to pay for education expenses. This can usually be done online through the CPF website. The application process might require you to provide details about the educational institution, the specific course, and the amount of fees to be paid.
- Repayment: If you’re using CPF funds for your own education, you’re required to repay the amount used back into your CPF account, with interest. The repayment starts from the year you graduate or leave your course, and you’ll make regular monthly repayments.
- Limits and Terms: There are limits to how much you can use from your CPF Ordinary Account for education, and these limits depend on various factors. Make sure to review the specific terms and conditions provided by CPF for the most accurate information.