If you’ve been keeping up with the news, you might know that the United States has launched a ‘Student Loan Forgiveness Plan’.
In short, this plan waives $10,000 in student loans for millions of former college students!
The country is expecting to spend around $2.4 billion per year just to offset college fees.
Truthfully, I’ve asked myself this question countless times throughout my Uni days and when I first started working as a fresh graduate…
Why are university fees so expensive?
You might have guessed… inflation is the main driver.
But, how?
Let’s examine this closely.
TL;DR: How University Fees Are Determined in Singapore and What Can You Do to End the Cycle of Student Debt
Click here to jump:
- Tuition fees of local university fees
- Tuition fees of private universities
- Understanding Singapore’s Consumer Price Index (CPI) and Education
- What is the student debt situation in Singapore?
- How to get out of student debt?
Note: Tuition fees reflected are based on the fees for that cohort throughout the student’s entire candidature. If you’re eligible for any government or school bursaries, these fees are before the deduction of any bursary you receive.
University Fees in Singapore
Education is the core of Singapore and for most people, the pinnacle of our education journey is usually a university degree.
But, the thing is that these tuition fees are easily tens of thousands of dollars!
Like most people, I’ve taken up student loans when I was schooling and had to repay $28,000 before the interest kicked in.
In Singapore, autonomous university fees are subsidised by the government (i.e. Ministry of Education Tuition Grant) while private institutions are not, which covers as much as 90% of your undergraduate course.
You are eligible for Tuition Grant Scheme if you have not already taken any Tuition Grant or Singapore Government sponsorship to attain another equal or higher level qualification (including those that you have received for previous uncompleted courses if any).
Tuition Fees of Autonomous Universities
For the Academic Year 2022/2023, these are the tuition fees for a student going for a four-year programme:
Nanyang Technological University Tuition Fees
For international students on subsidised tuition fees and students of all nationalities on non-subsidised tuition fees, the fee amounts quoted are inclusive of the prevailing Goods and Services Tax (GST) of 7%.
Not to forget, there’ll be a GST hike in the next two years. The first increase from 1 Jan 2023, with GST going up from 7% to 8%.
| Nanyang Technological University (AY22/23) | Singapore Citizens | Permanent Residents | Foreigners / International Students | Fees payable if not in receipt of MOE Tuition Grant (Lab Based) | Fees payable if not in receipt of MOE Tuition Grant (Non-Lab Based) |
|---|---|---|---|---|---|
| All programmes (except those listed below) | $33,000 | $46,200 | $70,600 | $134,800 | $128,400 |
| Accountancy Business Accountancy & Business Business & Computing Business & Computer Engineering | $37,800 | $53,000 | $80,800 | $150,000 | |
| Medicine | $140,000 | $197,800 | $302,000 | Not Applicable | |
| Renaissance Engineering Programme | $71,800 | $100,600 | $153,600 | Not Applicable | |
National University of Singapore Tuition Fees
| National University of Singapore AY22/23 | Singapore Citizens | Permanent Residents | Foreigners / International Students | Fees payable if not in receipt of MOE Tuition Grant (including GST) |
|---|---|---|---|---|
| Business | $38,600 | $54,000 | $82,600 | $129,600 |
| Business (Real Estate) | $33,000 | $46,200 | $70,600 | $120,200 |
| Computing | $33,000 | $46,200 | $70,600 | $153,800 |
| Dentistry | $120,800 | $174,400 | $266,600 | $667,000 |
| Design and Engineering | $33,000 | $46,200 | $70,600 | $153,800 |
| Design and Engineering (Built Environment) | $33,000 | $46,200 | $70,600 | $120,200 |
| Design and Engineering (Architecture, Landscape Architecture) | $35,600 | $49,800 | $76,200 | $157,000 |
| Humanities & Sciences | $33,000 | $46,200 | $70,600 | $137,000 |
| Law | $50,800 | $71,000 | $108,600 | $153,800 |
| Medicine (Nursing) | $35,800 | $50,200 | $76,600 | $149,000 |
| Medicine | $120,800 | $174,400 | $266,600 | $667,000 |
| Music | $58,800 | $85,200 | $130,200 | $512,400 |
| Science (Pharmacy) | $36,400 | $51,000 | $77,800 | $153,200 |
Singapore Management University Tuition Fees
| Singapore Management University (AY22/23) | Singapore Citizens | Permanent Residents | Foreigners / International Students | Fees payable if not in receipt of MOE Tuition Grant (Inclusive of GST) |
|---|---|---|---|---|
| Bachelor of Accountancy Bachelor of Business Management Bachelor of Science (Economics) Bachelor of Science (Computing & Law) Bachelor of Science (Computer Science) Bachelor of Science (Information Systems) Bachelor of Social Sciences | $46,000 | $64,200 | $98,400 | $179,800 |
| Bachelor of Laws | $50,800 | $71,000 | $108,600 | $190,040 |
Singapore Institute of Technology Tuition Fees
| Singapore Institute of Technology (AY22/23) | Singapore Citizens & Permanent Residents | Fees payable if not in receipt of MOE Tuition Grant (Inclusive of GST) |
|---|---|---|
| Accountancy | $27,900 | $109,878 |
| Hospitality Business | $27,900 | $109,878 |
| Air Transport Management | $27,900 | $109,878 |
| Digital Communications and Integrated Media | $22,500 | $96,879 |
| Aircraft Systems Engineering | $22,500 | $96,879 |
| Computer Engineering | $22,500 | $96,879 |
| Sustainable Infrastructure Engineering (Building Services) | $22,500 | $96,879 |
| Sustainable Infrastructure Engineering (Land) | $22,500 | $96,879 |
| Robotics Systems | $30,000 | $129,172 |
| Digital Supply Chain | $22,500 | $96,879 |
| Mechatronics Systems | $43,320 | $159,088 |
| Electrical Power Engineering | $31,140 | $114,597 |
| Mechanical Design and Manufacturing Engineering | $31,140 | $114,597 |
| Naval Architecture and Marine Engineering | $31,140 | $114,597 |
| Civil Engineering | $31,140 | $114,597 |
| Mechanical Engineering | $31,140 | $114,597 |
| Aerospace Engineering | $31,140 | $114,597 |
| Electronics and Data Engineering | $41,520 | $152,796 |
| Pharmaceutical Engineering | $30,000 | $129,172 |
| Food Technology | $41,520 | $152,796 |
| Chemical Engineering | $41,520 | $152,796 |
| Diagnostic Radiography | $37,200 | $146,504 |
| Occupational Therapy | $37,200 | $146,504 |
| Radiation Therapy | $37,200 | $146,504 |
| Dietetics and Nutrition | $37,200 | $146,504 |
| Speech and Language Therapy | $37,200 | $146,504 |
| Physiotherapy | $37,200 | $146,504 |
| Nursing | $20,760 | $76,398 |
| Computer Engineering | $22,500 | $96,879 |
| Information and Communications Technology (Information Security) | $30,000 | $129,172 |
| Information and Communications Technology (Software Engineering) | $30,000 | $129,172 |
| Digital Supply Chain | $22,500 | $96,879 |
| Applied Artificial Intelligence | $22,500 | $96,879 |
| Applied Computing (Fintech) | $22,500 | $96,879 |
| Digital Art and Animation | $43,320 | $159,088 |
| User Experience and Game Design | $43,320 | $159,088 |
| Computing Science | $31,140 | $114,597 |
| Computer Science in Interactive Media and Game Development | $43,320 | $159,088 |
| Computer Science in Real-Time Interactive Simulation | $43,320 | $159,088 |
Singapore University of Social Sciences Tuition Fees
| Singapore University of Social Sciences (AY22/23) | Singapore Citizens | Permanent Residents | Foreigners / International Students | Fees payable if not in receipt of MOE Tuition Grant (Inclusive of GST) |
|---|---|---|---|---|
| Accountancy | $33,640 | $67,280 | $80,400 | $134,560 |
| Business Analytics | $30,000 | $62,880 | $75,200 | $125,760 |
| Early Childhood Education | $30,000 | $62,880 | $75,200 | $125,760 |
| Finance | $30,000 | $62,880 | $75,200 | $125,760 |
| Marketing | $30,000 | $62,880 | $75,200 | $125,760 |
| Public Safety and Security | $30,000 | $62,880 | Not Applicable | |
| Social Work | $30,000 | $62,880 | $75,200 | $125,760 |
| Supply Chain Management | $30,000 | $62,880 | $75,200 | $125,760 |
Singapore University of Technology and Design Tuition Fees
| Singapore University of Technology and Design (AY22/23) | Singapore Citizens | Permanent Residents | Foreigners / International Students | Fees payable if not in receipt of MOE Tuition Grant (Inclusive of GST) |
|---|---|---|---|---|
| Per academic year | $54,000 | $76,200 | $116,600 | $243,746 |
Tuition Fees of Private Institutions
Fees for private universities tend to be higher, ranging from $50,000 to $60,000.
Curtin Singapore
| Curtin University | Local Students | International Students |
|---|---|---|
| Bachelor of Commerce (Single major): Accounting Finance International Business Logistics and Supply Chain Management Management Marketing | $38,400 | $54,888 |
| Bachelor of Commerce (Double major) | ||
| Accounting and Finance Finance and Management Finance and Marketing Logistics and Supply Chain Management and Marketing Management and Human Resource Management Management and Marketing | $38,400 | $54,888 |
| Bachelor of Communications (Top-up): Journalism Communication and Marketing Specialisation Journalism Communication and Web Media Specialisation Web Media and Marketing Specialisation | $25,600 | $36,592 |
| Bachelor of Computing (Cyber Security) Bachelor of Information Technology Bachelor of Science (Data Science) | $34,000 | $48,000 |
| Bachelor of Science (Nursing) Conversion Program for Registered Nurses | $20,400 | N.A. |
James Cook University
| James Cook University | Domestic Fees | International Fees |
|---|---|---|
| Bachelor of Arts (Majoring in Psychology Studies) | $60,096 | $62,664 |
| Bachelor of Business Bachelor of Business (Majoring in Business Intelligence and Information Systems) Bachelor of Business (Majoring in Hospitality and Tourism Management) Bachelor of Business (Majoring in Human Resources Management) Bachelor of Business (Majoring in International Business) Bachelor of Business (Majoring in Management) Bachelor of Business (Majoring in Marketing for the Digital Age) Bachelor of Commerce Bachelor of Commerce (Majoring in Accounting) Bachelor of Commerce (Majoring in Banking and Finance) Bachelor of Commerce (Majoring in Economics) Bachelor of Commerce (Majoring in Financial Management) Bachelor of Commerce (Majoring in International Trade) Bachelor of Cybersecurity | $57,264 | $59,832 |
| Bachelor of Business and Environmental Science Bachelor of Business and Environmental Science (Majoring in Aquaculture) Bachelor of Economics Bachelor of Information Technology Bachelor of Tourism, Hospitality and Events | $58,562 | $61,130 |
| Bachelor of Early Childhood Education | $62,744 | $64,884 |
| Bachelor of Psychological Science Bachelor of Science (Majoring in Aquaculture Science and Technology) Bachelor of Science (Majoring in Data Science) Bachelor of Science (Majoring in Internet of Things) | $60,096 | $62,664 |
| Bachelor of Psychological Science (Honours) | $25,852 | $26,730 |
SIM Global Education
| SIM Global University | Local Students | International Students |
|---|---|---|
| Bachelor in International Business (Top-up) | $19,709.40 | $20,865 |
| Bachelor of Applied Science (Aviation) (Top-up) | $35,247.94 to $41,353.36 | |
| Bachelor of Applied Science (Construction Management) (Honours) (Top-up) | $25,038 | |
| Bachelor of Arts (Communication and Economics) | $60,027 to $85,022.20 | |
| Bachelor of Arts (Communication and International Trade) | $60,027 to $85,022.20 | |
| Bachelor of Arts (Communication and Psychology) | $60,027 to $85,022.20 | |
| Bachelor of Arts (Communication and Sociology) | $60,027 to $85,022.20 | |
| Bachelor of Arts (Communication) | $35,310 to $74,472 | |
| Bachelor of Arts (Economics and International Trade) | $60,027 to $85,022.20 | |
Kaplan Singapore
Kaplan Singapore has a wide range of universities under its belt:
- Murdoch University
- Northumbria University
- University of College Dublin
- University of Sussex
- University of Portsmouth
- Royal Holloway, University of London
- Monash University
- RMIT
- Birmingham City University
The tuition fees range from $20,000 to $30,000.
How Are University Fees Calculated?
While there’s no official breakdown of how university fees are calculated, there are expenses that cannot be avoided:
- Salaries of both academic and non-academic staff
- Scholarships for international students
- Maintenance and purchase of high-tech and high-quality facilities
- Administrative costs that go into admitting, enrolling, hiring faculty, providing financial aid etc.
- Provision of amenities and upgrading them to improve the quality of campuses (e.g., libraries, computer labs, research centres and athletic facilities)
- Accommodation – while students do pay to live on campuses, there are maintenance and administrative fees incurred so that students can live comfortably.
A university has multiple buildings filled with high-tech lecture halls, classroom or tuition rooms, club rooms, canteens and staff offices.
With so many facilities coupled with a high volume of usage, there will be frequent maintenance to ensure that things can run smoothly.
How Inflation Affects Your Education
In 2016, The Straits Times reported that the cost of a four-year degree will cost 70.2% of an individual’s average yearly income in 2030, mainly due to rising operational costs.
It’s a hard pill to swallow, but yes, the cost of education has increased over the years, and the main contributory factor is inflation.
A small to moderate degree of inflation is typically observed in a rising economy, and that’s mostly acceptable. This is because, with economic growth, both company and consumer spending will increase. Therefore, when supply remains the same but demand rises, prices will rise.
In Singapore, inflation is measured in two ways:
- Consumer Price Index (also known as Overall Inflation, Headline inflation or CPI-All Items) tracks the average price changes of a fixed bucket of goods and services over time (note: does not represent the actual prices)
- Core Inflation – CPI-All Items minus accommodation costs and private transport costs, which are subject to short-term fluctuations
Education is tracked under the CPI, and it has increased by 72.13% over the last 20 years (58.46 in 2002 to 100.63 in 2021).
Hypothetically, if the tuition fee was $15,000 in 2012, it would be $25,819.50 in 2021!
However, it’s good to note that the Singapore population has grown over the last 20 years and the demand for education has also increased. A closer look over the last 10 years would show that the increment was slower, at 25.04% (80.48 in 2013 and 100.63 in 2021).
Let’s look at the actual course fee increment.
In 2011, NUS Humanities and Sciences faculty was $7,170, and in 2022, it became $8,250. The difference here is 15.06%, while the CPI-Education difference is 30.11%.
Interestingly, when we compared this with CPI-All Items (which represents the cost of living), we’ll see that the cost of education increases at a faster rate.
What Is the Student Debt Situation in Singapore?
While there’s no official information on the number of students who took up student loans to fund their university education, just ask around and there would be at least one person who was on a student loan.
However, one should not forget that student debts are considered good debts as they will benefit you in the long run – it increases your future value or net worth.
By repaying regularly, you can also prove to the bank and financial institutions you’re making effort to improve your credit rating, and you’ll be able to receive approvals from banks and financial institutions for any new credit applications.
Read more:
- Dreading The Idea Of Funding Your Local University Degree? Tuition Fee Loan To The Rescue!
- Studying Overseas in 2022 | A Quick Guide on Personal Budgeting
How To Get Out of Student Debt?
If you’re looking for ways to repay your debts quickly, you can learn from those who’ve managed to clear them in two years.
Similarly, you can do the following:
1. Apply for University Scholarships
Before applying to a local University, check out the various scholarship programmes that provide coverage for your tuition fees.
You’ll be surprised to know that there’re several bond-free programmes.
2. Apply For Government And School Bursaries
For Singaporean students from low to middle-income households, additional financial support is available in the form of government bursaries.
Previously known as the CCC/CDC bursary and MOE Bursary, the Higher Education Community Bursary and Higher Education Bursary cover up to 75% of subsidised general degree tuition fees for full-time undergraduates in autonomous universities.
With these bursaries, a full-time undergrad who qualifies for the highest bursary tier will pay tuition fees of $2,000 a year for general degree courses, down from $4,200 based on AY2019 fees.
Besides government bursaries, look out for bursaries specific to the schools you’re attending!
This includes hostel bursaries, financial schemes involving Community Service, overseas participation, bursaries administered by external organisations, as well as any student development funds.
Do note that bursary funds are usually released on a semester basis, and may be used to offset any tuition/compulsory miscellaneous fees that are still outstanding at the point of the bursary disbursement.
This means that all fees due to the University will be deducted from such funds prior to any crediting.
3. Work on Side Hustles
COVID-19 expedited digitalisation and we’re not short of side hustles that can be done quickly at home.
These are small steps to achieving the bigger goal and start early if you can.
Afterthoughts
Besides giving you a headstart to a ‘higher’ salary (as compared to a non-experienced diploma holder), universities are places where you can network, work with students from around the world, and seek career advice while still being a student.
We know how hard adulting is, and being a student sure has its perks.
If you’ve always wondered why your parents were so adamant that you MUST get a degree, this is arguably the reason.
What are your thoughts?
Share them with us on the Seedly Community page!
Related Articles:
- Is It Cheaper To Get To University Through JC Or Poly?
- Can’t Make It For A Local University? Does It Make Sense To Enrol Into A Private Education Institution?
- Beginner’s Guide to Saving For Your Child’s University Fees in Singapore and Beyond
- Uni Fresh Graduate Salary in Singapore 2022 Guide Based on Graduate Employment Survey (GES) 2021
- From Preschool to Tertiary Education: 11 Important Personal Finance Lessons to Teach Your Children
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