NSmen Crushed By Study Loan While FTrash Get Free Scholarships. More Default!

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[h=1]More Singapore students defaulting on study loans now[/h][h=2]But banks say default rates 'low'; rising living costs a possible reason[/h]
Published on Aug 16, 2011

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Once priding themselves on repaying loans early, more students in Singapore have recently defaulted on their study loans and gone into debt. -- ST PHOTO: LAU FOOK KONG

<!--end of story image, if any-->By Hoe Pei Shan
<!--start of story text-->Once priding themselves on repaying loans early, more students in Singapore have recently defaulted on their study loans and gone into debt.
Just four years ago, banks administering student loans to undergraduates in local universities proudly broadcast their zero per cent default rate, saying they had yet to encounter defaulters.
Not any more.
In recent years, DBS Bank and OCBC Bank have seen defaults in both tuition fee loans - funded by the Ministry of Education and administered by banks - as well as individual bank-funded education loans.