The amount of Central Provident Fund (CPF) savings that you can use for education expenses depends on several factors, including the specific education scheme you’re utilizing and the terms set by the Central Provident Fund Board (CPF Board) in Singapore.
- CPF Education Scheme: Under the CPF Education Scheme, you can use your CPF savings from the Ordinary Account to pay for education-related expenses, including tuition fees and examination fees.
- Limits: There are limits to the amount you can use from your CPF Ordinary Account for education purposes. The limits can vary based on factors such as the level of education (e.g., diploma, degree), the type of institution (e.g., local university, local polytechnic), and whether the education is for yourself or your immediate family members.
- Full-Time Courses: For full-time courses, the limits may be set based on the actual cost of the course, subject to the applicable CPF cap.
- Repayment: If you’re using CPF savings for your own education, you are required to repay the amount used, with interest, back into your CPF Ordinary Account. Repayment starts after you complete your studies. The interest rates and repayment terms can vary
- Application Process: To use CPF savings for education, you generally need to apply through the CPF website. The application process might involve providing details about the educational institution, the course, and the amount of fees to be paid.