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Post Secondary Education Account (PSEA) Scheme
Usage of PSEA
Why not have just one account instead of three - Child Development Account (CDA), Edusave Account and PSEA?
Each of the three accounts serves a different purpose.
The Baby Bonus scheme aims to help parents defray the cost of raising children. As a component of the Baby Bonus scheme, the CDA is meant to cater to the pre-school educational and developmental needs of a child.
The Edusave Account is meant to provide students with funds to help them pay for enrichment programmes or approved fees at primary and secondary levels.
The purpose of the PSEA scheme is to help parents save for their children's post-secondary education and encourage Singaporeans to further their education in local Post-Secondary Institutions.
Unused CDA funds will be transferred to the PSEA once a child enters primary school i.e. the year he turns 12 years old. The Edusave monies will also be transferred to the PSEA when the child reaches 16 years old or when he leaves secondary school/junior college/Millennia Institute /Vocational Training College, whichever is later.
Why is the Government giving top-ups to the Post-Secondary Education Account (PSEA)?
The PSEA top-ups are intended to provide some financial support to every Singaporean to complete post-secondary education. In the innovation-driven economy, Singaporeans need to go beyond 10-12 years of basic education to enhance their employability. In addition, the PSEA is tenable until age 30, to provide some support for Singaporeans who may choose to take up post-secondary education at a later stage.
Will the government top-up my PSEA annually?
In good years, the Government will top-up the PSEA of eligible Singaporeans. The Government has announced four top ups since 2008. The quantum would depend on the age of the person and the annual valuation (AV) of the home in the year of the payout. By September 2010, a secondary student would have received top-ups of up to $1,900 in his PSEA to use for post-secondary education.
As part of MINDEF's National Service Recognition Award (NSRA) for SCs, eligible National Servicemen (NSmen) will receive an additional top-up to the PSEA of up to $3,500 when they complete their NSF training.
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Usage of PSEA
What can the PSEA funds be used for?
The PSEA funds can be used to pay for tuition fees of qualifying programmes conducted by the list of institutions as shown
Who qualifies for the top-ups to the Post-Secondary Education Account (PSEA)?
The PSEA top-up will be given to all Singapore Citizens (SC) aged 7 to 20 in the year of the payout.
Will Permanent Residents (PRs) and International Students (IS) receive the Post-Secondary Education Account (PSEA) top-up? Why?
No. The PSEA top-up is only for Singapore Citizens (SC).
Why is there a need to restrict the use of the Post-Secondary Education Account (PSEA) to a list of qualifying institutions and programmes?
We must ensure that the PSEA funds are used prudently for quality programmes that will equip Singaporeans with relevant knowledge and skills for the economy. The Government is assured of the quality of the list of qualifying institutions and programmes. The Government reviews the list of qualifying institutions regularly.
Why are Junior Colleges (JCs) excluded from the list of qualifying institutions and programmes? Aren't JCs part of post-secondary education?
Fees in JCs are heavily subsidised and are much lower compared to fees in the polytechnics and universities. In addition, JC students can use their Edusave funds to pay for approved fees in JCs. As the majority of JC students will progress to polytechnics and universities, it will be better for funds in PSEA to be saved up for use in the institutes of higher learning (IHLs).
Why are the foreign university branch campuses and independent Foreign Specialised Institutions (FSIs) not included in the list of qualifying institutions? Aren't these quality institutions that are attracted by EDB?
The foreign university branch campuses and independent FSIs are private educational institutions. The Government is tightening the regulation of the private education sector in Singapore, and will consider extending the use of the PSEA to these institutions in the future.
There are reputable institutions overseas, such as Cambridge and Harvard that are on par if not better than our local institutions. Why is Post-Secondary Education Account (PSEA) not allowed to be used for study at these overseas institutions?
We note that there are reputable overseas institutions that offer quality programmes for post-secondary education. However, there is a wide range of courses and programmes available globally which are not accountable to the Singapore Government for their programmes and educational outcomes, Hence, the use of PSEA is currently limited to local institutions of which the Government has more assurance of their quality and educational outcomes.
Why is the list of skills-based training programmes restricted to WDA-accredited lead training providers? Can I use my Post-Secondary Education Account (PSEA) funds for a skills-based training programme that is not offered by the WDA lead training providers?
No, the PSEA funds can only be used for Singapore Workforce Skills Qualifications (WSQ) courses conducted by WDA-accredited lead training providers.
This criteria is in place to ensure that PSEA is used for programmes run by training providers who have met WDA's quality requirements. New lead training providers, when identified by WDA, will be added to the list in the future
Can the Post-Secondary Education Account (PSEA) funds be used at SPED schools?
Yes, children with special needs are allowed to use the PSEA funds for SPED schools.
Why is there a need to transfer the surplus funds in the Post-Secondary Education Account (PSEA) to the account holder's CPF-Ordinary Account when he turns 30? The monies can roll-over to a training account for CET or job-related training for people who choose to upgrade at a later age.
The PSEA is aimed principally at helping Singaporeans who have completed secondary education to go on to post-secondary education. Hence, the surplus funds in the PSEA will be transferred to the account holder's CPF-Ordinary Account when he turns 30.
Will students from newly established SIT and SUTD be able to use the PSEA funds to pay their fees?
Yes, students from SIT and SUTD can use the top-ups to their PSEA to pay the tuition fees for all the undergraduate and postgraduate programmes (where available) as well as charges for the enrichment programmes at these institutions.
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