(image source:sg.news.yahoo.com
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In the latest annual report of the Auditor-General’s Office (AGO) the Ministry of Education (MOE) revealed that they lost S$7.16 million, as of Jun 2015, to foreigners students who default on their education loan. The sum cannot be claimed back from their guarantors who are also foreigners, which led to the default.
It is common knowledge foreign students default on their education loan and scholarship obligations by simply refusing to return to Singapore. Also MOE revealed that the education loans are “non-profit” and that students can loan for as long as 20 years. Singaporean students studying in private school are not given such benefit.