Its my first post over at SgForums and I don't normally let anyone I know, know about the problems I face, let alone the many strangers that come on to this section of the forums but I'm forced to post this up here because I have noone else to turn to.
I've recently completed my 'A' Level examinations and Tekong is calling me on the 12th of December. I thought that the end of my A's would be the end of my worries, for now at least, until I enrol into a University. However I've recently found out that my mother, who is the breadwinner of the family(my mum is divorced and I am her only child), has been taking out loans, huge loans, amounting to, so far, $15000. Now she has to pay it back monthly and it takes up a very significant portion of her income and doesn't have much left for herself, let alone me.
All I want to know is that is it possible for an undergraduate to fend for his own without the financial backing of his family? I plan to save up whatever meager allowance that National Service provides towards my University expenses, say, 300 dollars a month? That would mean I would have approximately $7200 to spread out over 4 years. What are the resources available to me to help me cope with the finances during my course in University?
I'm really scared for my own future, but my mum does not seem to mind being in deep financial debt and thinks that her stable income of $2000 per month would be enough to eventually cover the debt she incurred. She's 56 right now. I honestly do not know how much time she has left.
If anyone could help, please reply. I really need concrete advice right now.
Originally posted by FireIce:
Will they understand however, that my family is in debt? My PCI is quite high because its only my mum and me and she earns an amount that is not necessarily considered to be very low-income.
To alleviate your family's household expenses, you can apply
these.
Financial Assistance Term Grants
For needy NSF whose families encounter financial hardship as a
result of their enlistment into the SAF
Welfare Financial Assistance Grant/Loan
Assistance provided to active servicemen who are in a financial
predicament beyond their control eg. theft, fine, medical bills,
spouse retrenchment. Assistance takes the following form:
Grant: (a) CO Contingency Grant (b) Welfare Grant
Loan: Welfare Loan
For full detail, please refer to welfare circular 3-39.
For Term Financial Assistance enquiries please call 6373 1150; 6363
1161
For other Welfare Financial Assistance enquiries please call 6373
3338; 6373 3336
The SAF Finance Clinic
The Finance Clinic is set up with the aim to assist servicemen who
are financially distressed. Servicemen in financial distress must
come forward and they must go through the formal channel of
declaration before assistance can be rendered. The SFC aims to
provide debt management to distressed servicemen, so as to mitigate
their situation from deterioriating into an indebtedness cycle.
Credit Counselling Singapore (CCS) had been engaged to assess and
structure the debt management plan. Servicemen who does not meet
the CCS criteria will be referred back to SFC for other forms of
help e.g. through welfare grant or loan.
SAF Financial
Assistance Schemes to NSFs
Should you and your family face financial hardship, you can
apply for financial assistance. The quantum of financial assistance
is the difference between your family’s minimum subsistence level
and monthly income. It’s best to talk to your officer on how to
apply for this scheme upon enlistment.
Before his National Service (NS) enlistment, Private (PTE) Max
Al-Fyan Yew bin Abdul Hafiz Yew drew a stable income of about $700
a month working in sales and was the breadwinner in his family.
Hence, he was understandably worried when he learnt that his
monthly NS allowance would be half of what he used to earn.
Fortunately, with the intercession of his superiors in the SAF, the
SAF Personnel Services Centre (SAFPSC) was able to help him through
SAF Financial Assistance Schemes. Said the supply assistant of
Supply Hub East: "I’m thankful for the extra $600 that I receive
every month on top of my regular NS allowance as it has greatly
contributed to the payment of my family’s bills."
1st Warrant Officer (1WO) Kng Ter Sern, Officer-in-Charge Asset
Management Team, Pasir Ris Camp, went one step further by following
up on PTE Yew’s case when his initial Term Financial Assistance
Scheme expired. Said 1WO Kng: "Caring for our soldiers is one of
the SAF core values...when Max’s initial financial assistance
scheme ended in December last year, I conducted a house visit and
recommended that he receive further financial help from the
SAF."
PTE Yew is just one of many examples of how the welfare schemes
administered by the SAFPSC have benefitted around 65,000 in-service
personnel of the Ministry of Defence (MINDEF) and the SAF, as well
as Operationally Ready National Servicemen (NSmen).
"The SAFPSC’s primary role is to strategise and design welfare
structures in order to support the SAF’s philosophy on welfare...
We believe in the virtues of commitment and engagement, and to
achieve that, we are concerned with the well-being of personnel and
their families," said Lieutenant Colonel (LTC) (NS) Koa Boon Teck,
Head of SAFPSC.
As secretariat to the SAF Welfare Council, the SAFPSC introduces,
implements and reviews the proposed welfare schemes and services.
Its welfare efforts cover five broad areas: health care, work-life
balance, finance, vacations and insurance.
On the SAFPSC's latest efforts in improving welfare support, LTC
(NS) Koa said: "We want to move away from the mental model of
welfare as a reactive element, where people subscribe to welfare
only when they are in need..we felt that there was an impetus to
changing the image of welfare."
Here are some of the latest welfare initiatives spearheaded by the
SAF Welfare Council and the SAFPSC:
SAF Central Welfare Fund Bursary Awards
2nd Warrant Officer (2WO) Tanusha Tan of Headquarters 9th Division,
whose 19-year-old daughter, Natasha, received the Bursary Award at
the polytechnic level worth $1,200 last year, remembers her
daughter being ecstatic at receiving the notification of her
successful application.
"It was a very good morale booster for Natasha, and it will surely
further encourage her to do well," added 2WO Tan.
Starting from February this year, the award, which is given to the
children of MINDEF/SAF personnel to recognise their academic
excellence up to the local degree level, now has a qualifying
family income cap of $4,000 levied on each level of study, compared
to the previous staggered qualifying income caps across all levels
of study. In addition, the quantum awarded for all levels of study,
less the junior colleges, polytechnics and local universities, has
been increased.
SAF holidays/ vacation spots
The SAF Seaview Resort, Bintan Lagoon Resort & Golf Club, as
well as the Joondalup Bungalows in Perth, Australia, are examples
of resorts which recently underwent their first major revamp to
ensure the highest levels of modernity and aesthetic appeal for
holiday-makers.
More exciting locations have also been added to the stable of SAF
vacation spots, including the Amara Sanctuary Sentosa, Ascott Kuala
Lumpur and Club Bali. This means that active servicemen and NSmen
can enjoy relaxing stays at a wider array of resorts, at exclusive
prices of up to 60 percent below published rates.
In addition, a new travel portal will soon be introduced to allow
MINDEF/SAF personnel and NSmen greater flexibility, choice and cost
savings when booking rooms, airfares, car rental and even travel
insurance when they go on vacations. Named Free Independent Travel,
the interactive and user-friendly one-stop portal will be launched
tentatively on 1 Apr.
SAF Group Term Life (GTL) Insurance
Scheme
From 1 Jan 09 onwards, the scheme automatically covers
newly-recruited MINDEF/SAF personnel for $100,000, and now has a
maximum coverage of up to $600,000, unless they choose to opt out.
Spouses and dependants are included in the coverage, which extends
beyond the serviceman’s stay in MINDEF/SAF. NSmen are also eligible
for the competitively-priced scheme.
More information can be obtained via the Aviva-SAF Insurance
Infoline at 68278000.
SAF Financial Assistance Schemes
Last September, monetary lifelines such as the Term Financial
Assistance Scheme, which aims to alleviate the financial stresses
of servicemen, were improved. This scheme, which helps needy NSFs,
had its period of assistance extended from six months till the
serviceman's Operationally Ready Date but subjected to review after
12 months. A term financial loan scheme was also launched for needy
servicemen.
100% subsidy for Defensive Riding Course
(DRC)
As of 1 Oct 09, the DRC, which is designed specifically for
MINDEF/SAF personnel, became fully subsidised. Held at the
Singapore Safety Driving Centre (SSDC) located in Woodlands, the
half-day course aims to encourage road safety among those who
regularly commute to work or perform despatch duties by
motorcycle.
*Applications for most of the welfare schemes can be found on the
Integrated Welfare Applications and Disbursement System (iWADS) on
the MINDEF/SAF intranet. All queries should be directed to the
SAFPSC. Their numbers can be found via the iWADS.
"Left on his own"
Oh come on, you are not a child anymore.
I have been supporting myself since secondary school days. Now studying in uni and paying all the bills by myself.
1)For tuition fees, you can apply for bank loan up to 90% of the total amount. Interest free till your graduation.
2) University financial aid -- just apply for it wwhn you re in uni. Amount awarded depends on your family income
3) part time job ---do some part time jobs to earn some pocket money, recommends tuition, high demand + good pay 30/hr.
No need to worry so much. If you think that your situation is bad, then I would share mine. Single parent family as my father passed away due to cancer, mother addicted to gambling and lost over 200k into it and she is only earning 1.5 k per month.
You have no understanding on the true meaning of "left on his own".
It is possible to fund your local uni education without those aid schemes:
1. Save your NS pay.
2. Work part-time as you study. Tuition is a typical choice.
3. Take a bank loan: it can cover up to 90% of the fees when you study. So you pay the 10% using your earnings.
4. Work during summer vacation to replenish the monies spent during the sem.
***
These were what I did and I finished my uni education without help from my folks.
Obviously going on overseas exchange was out of question for me, but that is but a small price to pay to me for independence in my studies.
Another most common financial assistance in Singapore is through government's bodies 's scholarship, especially if you are 'A' star or merit student and if you plan to study in overseas. However it is always come with an 6 years bond contract with the companies/organization you apply for which depend on whether you want to sacrifice your 6 year freedom.
You can find out more of the scholarship at Brightsparks : http://brightsparks.com.sg
u are still bery passive and keep thinking u wun get any help
becos u refuse to take the first step to find help, yes u wun get any help
5 Ways To Save Money At College : http://coed.com/2011/05/03/5-ways-to-save-money-at-college
Why You Should Care - Student Debt Trap : http://youtu.be/1h5EOso3mgc
You should ask for help. There are alot of links above .