Financial Matters

• Academic Fees
• Cost of Living
• Banking Services
• Study Loans & Financial Aid

Academic Fees

The amount of fees you need to pay for each academic year is stated in the Fees Statement sent with your Letter of Offer. Fees are due twice per academic year, at the start of each semester.

New Student

Please note that you would have to pay at least your first semester’s fee before you will be able to register at the beginning of Semester 1.

Returning International Student

Please note that your fees are due within the first two weeks of each semester.

Deferral or Withdrawal from Course or Refund

You should inform the College by completing and returning the appropriate forms to the Division of Academic Administration (DAA) before the second week of the semester. For details, please refer to the Refund Policy, which is available upon request from the DAA.

Cost of Living

It is possible to live frugally yet comfortably in Singapore, just as you can easily indulge in a luxurious lifestyle, and enjoy the delights of metropolitan living.

As an international student, you know the importance of budgeting wisely to live at a standard you are comfortable with.

Please note that the following are only a guide to what you can expect to spend every month. Actual expenses vary with each student, according to lifestyle and individual preferences.

Shoestring: Set aside approximately S$700 to S$900 per person per month

• You share a room in a small HDB flat in the heartlands or suburbs; and eat simple meals at home or at hawker centres.
• You walk or cycle to and from the Institution, occasionally taking public transport, but rarely taxis.
• You make few overseas calls; your mobile phone subscription plan is the cheapest available.
• During your free time, you enjoy low-cost or free activities like hiking in the park or swimming at a public pool.

Moderate: Set aside approximately S$1200 to S$1600 per person per month

• You have your own room, but share a HDB or private apartment in the suburbs with one to three housemates.
• You eat at hawker centres and food courts, and go to mid-range cafes and restaurants now and then.
• Only occasionally do you use the air-conditioner and take taxis.
• You subscribe to value-for-money plans for Internet and mobile phone access.
• During your free time, you may catch a movie or go window shopping.
• Once in a while, you may visit a club or take a day trip to a neighbouring country.

Comfortable: Set aside approximately S$2000 to S$3000 per person per month

• You share a private apartment in the city with one or two housemates; the apartment's amenities may include a gymnasium, tennis court and swimming pool.
• You eat at mid-range cafes and restaurants, and shop at specialty supermarkets.
• You use the air-conditioner almost every night and make regular overseas calls.
• You often take taxis.
• During your free time, you may frequent clubs and pubs, go for costly pastimes like scuba diving and wakeboarding, and occasionally travel to neighbouring countries.

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Banking Services

Banks in Singapore offer savings and cheque services, as well as other financial services such as bank drafts, fund transfers and currency exchanges. Traveller's cheques can also be cashed at banks, where you will need to present your passport for identification.

Before deciding on a bank and type of account, you should compare interest rates, bank fees and accessibility features. Typically, students open an account that gives them an automated teller machine (ATM) card. This makes cash accessible round-the-clock via ATMs. Most ATM cards also act as debit cards on the local Network for Electronic Transfers (NETS), which can be accessed at supermarkets and many retail outlets.

Banks In Singapore

Opening An Account

To open a bank account, you have to visit the bank in person. You will also need the following documents:

• Valid passport
• Student Pass
• Initial deposit (amount varies according to bank)

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Study Loans & Financial Aid

If you require financial assistance during your studies in Singapore, please secure a loan in your home country. Currently, banks in Singapore do not offer loans to international students.

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