March 27, 2007
Which University?
For four years now, students have been able to apply to all three local universities, and choose where to go once acceptances come in. So the universities strive to be different – in their programmes, admission criteria and fees. The Straits Times Education Correspondent Sandra Davie takes a look at the choices offered by the universities
Degrees
THERE are the local single degrees, of course. A few years ago, double degrees were all the rage. Now it is the global degree route. These are proving popular as more companies look out for employees with a global outlook.
NUS: It offers the widest range of degrees among the three universities. Its exclusive courses are medicine, architecture, dentistry, music, pharmacy, nursing, and project and facilities management.
Global degrees:
Bachelor of Arts (Honours) with the University of North Carolina at Chapel Hill.
Bachelor of Computing (Communications & Media) and Master in Entertainment Technology with Carnegie Mellon University.
Bachelor of Engineering (Civil Engineering) with the University of Melbourne.
NTU: It has expanded its range of courses in recent years to include social sciences and fine arts. Its exclusive offerings include art, design and media, aerospace engineering, communication studies, maritime studies and education (conducted by the National Institute of Education).
Global degrees:
Double degree in Biomedical Sciences and Medicine (Traditional Chinese Medicine) with Beijing University of Chinese Medicine.
Double MBA degree programme in Management of Technology with Japan’s Waseda University.
Bachelor of Engineering (Computer Science) from NTU and Master of Science (Computer Science) from Georgia Institute of Technology
SMU: Positioning itself as a boutique business university, it offers four-year, full-time programmes in accountancy, business, economics, information systems management and social science. It has introduced a new one, law, which will take in 90 students in its pioneer batch.
Global degrees:
Bachelor of Science (Information Systems Management) degree from SMU and master’s degree from Carnegie Mellon University.
Fees
THE three universities announced in January that they will not raise tuition fees this year in view of the upcoming increase in goods and services tax (GST).
SMU, anyway, has a lock-in system for its fees, which will not be raised over the duration of one’s course even if fees are increased for later intakes.
Some parents and students prefer this lock-in scheme, because it allows them to plan ahead and set aside a specific amount of money.
Both NUS and NTU have said they are considering a similar scheme.
NUS ANNUAL FEES
Dentistry and medicine: $17,520
Music: $7,570
Nursing: $7,000
All other courses: $6,110
NTU ANNUAL FEES $6,110
SMU ANNUAL FEES $7,500 (except law which is $9,000).
Example
If you are planning to send your child to University.
Gender: Female Age: 4 next birthday
For Singapore, using SMU annual fees of, $ 7,500.00
Age of entry to university 18 (Females)
This amount is needed for Years 4
Total amount needed for Local Course fees $ 30,000.00
Shortfall will be needed in Years 15
Education cost, I feel will increase annually by about 6%
Education Costs 15 years later $ 71,896.75 (after inflation)
SHORTFALL to Fund Education
Lump Sum in today dollars needed to meet the shortfall $ 53,420.34
OR Monthly savings per month for 15 years $ 342.26
Have you done your children’s education planning?
Will you have enough savings when the times comes for your children’s education?
Give your children a head start with an education policy!
Give your child a head start in life with an education policy!
April 2, 2007
Student loans: No defaults, say banks
By Cheryl Tan
LOAN SHIRK?: Better not default, or my guarantor will have to pick up the tab.
THEY may owe money, but they’ll pay it back.
Banks offering student loans to undergraduates at Singapore’s universities say they have yet to encounter defaulters. Some even repay their loans early.
That is a far cry from students in the United States.
In November, the USA Today newspaper cited a credit analysis report which stated that unpaid student loans had put two out of three million people in their 20s surveyed in bad debt.
Such loans, along with credit card debt, had even caused up to 1.5 million of those surveyed to stop repayments altogether, forcing lenders to sell these debts to a collection agency.
The worst cases have had their cars repossessed or sought bankruptcy protection.
Singapore students are another breed altogether.
Credit Counselling Singapore’s assistant director Tan Huey Min said 20somethings do seek help after overspending on credit cards, but not for student loans.
===========================================================
Just imagine your poor child with a huge loan to repay even before nailing a job! Give your children a head start in life with an education policy! There are numerous plans that provide a force savings for parents to provide a lump sum of monies to pay for their children’s education. Some of such insurance plans in Singapore are:-
Endowment
With the costs of higher education rising, it makes sense to plan for your child’s future by investing in Endowment Classic, a savings plan with potential higher returns than regular bank deposits that combines savings with protection in one plan.
Premiums on Endowment Classic are guaranteed, and you can choose to have the policy mature when your child is ready to enter university. The resulting returns from your sum assured, as well as all attaching bonuses, would come in handy when it’s time to pay those hefty tuition fees.
You are also covered against death and total and permanent disability should the unforeseen happen.
Life Policies with Savings rider
Whole life protection with premium payment required only for 20 years (Flexi20). Ideal for newborns – For example, sign up for a 1-year old infant and by the time the child is 21 years old, his policy would have been fully paid for. No additional premium is required while he continues to enjoy protection for life.
In the meantime the saving rider will mature at the university age yielding a lump sum amount for the child’s education where ever he may wish to study. But the main policy continues providing protection and accumulation through out their life until surrender.
Life Policy using Investment linked products
GreatLink SupremeLife is an insurance policy designed to meet your protection and investment needs in a smart and secure way. It ensures you and your family are financially protected while investing for the future.
This comprehensive regular-premium investment-linked plan combines whole life protection with investment opportunities aimed at achieving returns on your savings. From a low minimum monthly premium of $100, you will enjoy protection benefits of the basic sum assured and the total investment value of your funds invested.
More importantly, SupremeLife gives you the control and flexibility to allocate more of your premium towards protection as your financial liability rises or potentially higher investment returns as your protection need decreases near retirement.
Which plans best suit your child or children?
Contact your reliable needs based adviser today!
A great article. There are a number of ways to prepare for a child’s education. A Coverdale account is one. Something a little more creative – a Universal Life or Variable Universal Life on a parent. The money inside can be used toward college. If the parent passes away the death benefit can then be used.
By: Insurance Phoenix / Car Insurance PHoenix on June 25, 2007
at 10:19 pm
Before buying car insurance, we need to understand the different insurance policies and what they cover
By: faisal on September 2, 2010
at 2:12 am