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Sneaky Costs Of University Education In Singapore

Everyone knows that saving money for tertiary education is not an easy task. With fees totaling to about S$8,000 a year, getting into your dream school takes effort and creativity. Not to mention, fees are graver if you are an international student.

Be forewarned that aside from the tuition fee, here are the “hidden or sneaky” expenses that can take a toll on your budget:

BOOKS

When you are studying at the university, you will realize that textbooks can get really expensive The prices of books you need to purchase depend on the modules you have to take per semester or quarter. A single reference book costs about S$45-100 based on my experience.

Despite these hefty expenses and as much as you would like to skip buying them, most of the required textbooks are crucial to pass the course.

SUPPLIES

When choosing your course, remember that you are making an important investment. You are investing for your future career in many ways including your supplies. For instance, if you are taking up a course in Media and Communications, you may be required to purchase a professional high-resolution camera. And if you are taking up architecture, it is uncommon to spend more than S$1,000 (per year) on tools and materials needed for model-making tasks.

SOCIAL GATHERINGS

For you to meet other people and expand your circles, it is almost necessary for you to join the school’s social gatherings. If you are a member of a club, you have to be ready for the registration fee as well as the special events fees. You can expect to pay within S$10-100 per event.

For example, since previous university club was hosting a workshop, we were required to share at least S$15 for the food and materials.

EXCHANGE RATES

If you are an international student in Singapore, you must consider the dynamics of the foreign exchange rate when budgeting your money. Whether you are exchanging your Indian Rupee or Philippine Peso, the current exchange rate can affect your total tertiary education expenditure.

An increase in the value of the Singapore Dollar will result to paying more than you had expected earlier on. In contrast, an increase in the value of your “nation’s currency” will result to you paying less.

ACCOMMODATIONS

Sick and tired of travelling for more than an hour from Woodlands to NUS? Or are you a foreigner studying in the Lion City? Consider renting a room in the HDB flat or living in the campus hostel.

NUS and NTU students can save more money in transport and rent by opting for the hostels that cost about S$220-580 per month.

Image Credits: facebook.com/nus.singapore

Sources: 1 & 2

5 Tips You Need To Know Before Hiring A Tutor In Singapore

Singapore’s most prized resource is its people. This is why the government has invested immensely on education. From standardized curriculum to national benchmark tests, the Ministry of Education (MOE) ensured that its citizens are offered world-class education.

That said, it is understandable if you want to give your child a head start or extra support that he or she needs for school. To help your child get ahead from the curve, you can hire a tutor.

But first, here are some tips you must consider:

1. KNOW A TUTOR’S AREAS OF SPECIALIZATION

When choosing the right tutor for your child, it is important to know their qualifications and specializations. Some tutors are not able to guide or answer students sufficiently because they are not familiar with the updated syllabi from MOE.

On the other hand, it makes sense that a specialized teacher is suited to teach a particular subject matter. For instance, if your child struggles in Mathematics, do you hire a tutor that only focuses on English?

2. CAREFULLY CHOOSE THE TYPE OF SERVICES

You can either choose from agencies or private tutors. A friend of mine hired a tutor for her Secondary 2 child that costed her about S$25-30 per hour. This amount includes more than 2 subjects already!

As you can see, the price that you are bound to pay really depends on the type of service and the student’s educational level. Certainly, it is cheaper to hire the same tutor to teach a Primary 1 student than a Secondary 5 one.

3. RESEARCH ON THE RECOMMENDED TUTORS

To get the most of your money and ensure high quality services, it is best if you gathered information on the top or recommended tutors in the area. Doing a Google search of the keywords tutor and Singapore will lead you to many popular tuition centers or agencies such as ChampionTutor and EliteSG Tutors.

ChampionTutor consists of a variety of private tutors that are qualified to teach students from preschool to university level. You can hire them for music lessons too. While EliteSGTutors focus on Mathematics, Physics, and Chemistry subjects. You can hire them for PSLE and other elementary level exams too.

4. DETERMINE THE NUMBER OF HOURS

Most parents hire tutors for 1-1.5 hours a week while intensifying it with 2-3 hours a week as important examinations draw near. This is why, the schedule and the fee for tutors may change every month.

Organize your finances and promptly pay the tuition fee by having a personal copy of the tutor’s working hours in an Excel Spreadsheet or in a small notebook.

5. COMMUNICATE WITH THE TUTOR

Much like a box of assorted chocolates, every tutor has a distinct “flavor and spice” when it comes to working one-on-one with children. Sit down with the potential tutors and ask them about their proposed study plan, schedule of sessions, and learning goals.

Image Credits: pixabay.com (License: CC0 Public Domain)

This way, you can examine if you two are on the same ground. 🙂

Sources: 1 & 2

4 Ways To Significantly Decrease Your Living Costs In Singapore

According to Investopedia, “Cost of Living” is the amount needed to sustain a certain level of living that includes basic expenses such as food, taxes, housing, and healthcare. This factor can make a difference especially if your salary is sustained in an expensive city such as ours. Your salary can go further at a developing city but it may barely go buy at a developed one. Logically, it is important to take measures that help you decrease the costs. Start with these four ways:

1. SAVE ON EDUCATION FEES

Aside from transportation, housing, and food, one of the family’s major expenses is the education fee. Childcare as well as tertiary education is costly for the parents especially if they have two or more students in the family. Topping the fees are the pile of miscellaneous such as school supplies, uniforms, camps, and other extracurricular activity expenses. Fortunately, there are some organizations that offer student grants.

The NTUC Bright Horizons Fund offers financial assistance to children from underprivileged families. The amount of assistance varies according to the gross household income or per capita income. Also, there is a minimum co-payment fee of 2% and an additional S$20 for Union Members.

While adults’ aged 35 and above that earn not more than S$1,900 can upgrade their skills with the Workfare Training Support (WTS) scheme. These adults can benefit from 95% course fee funding on various courses including part-time diploma or specialist diploma at the five local Polytechnics. Imagine how many opportunities you can get after!

2. SAVE ON TAXES

Each year, hundreds of tax deductions and credits may go unclaimed due to the lack of taxing knowledge. Be sure to maximize the tax reloads that are applicable to you by checking out the information provided by the Inland Revenue Authority of Singapore, here.

3. SAVE ON TRANSPORTATION

The good news just keeps on rolling! Early commuters can board the MRT for free before 7:45 am on the weekdays (i.e., excluding public holidays)! The no-cost rides are available at 18 MRT stations namely: Somerset, Bayfront, Bras Basah, Bugis, Orchard, Chinatown, City Hall, Clarke Quay, Dhoby Ghaut, Downtown, Esplanade, Lavender, Marina Bay, Outram Park, Raffles Place, Tanjong Pagar, Promenade, and Telok Ayer.

If you missed the cut-off timing for a few minutes, fret not. You can still indulge on 50 cents off your fare if you exited the designated stations. To be eligible for these, you must not enter from the 18 stations mentioned above. Your savings on transportation can pile up as time goes by.

4. SAVE ON WATER

We cannot live without clean water. Therefore, you must employ saving habits to lower down your bills. Learn a thing or two from this illustration:

Image Credits: pub.gov.sg/CONSERVE/HOUSEHOLDS/Pages/Watersavinghabits.aspx

Sources: 1, 2, & 3

Which degree suits me best in Singapore?

Most bachelor’s degrees take a substantial period of between 3 and 4 years to complete while the steep cost of higher education is enough to wipe out 1 to 2 years’ worth of income (if you decide to take a local degree). Therefore, pursuing a bachelor’s degree is in reality both a time-consuming and financially taxing affair.

To make things worse, some students may realise that they have lost the passion midway through college or could not sustain their enthusiasm for long after graduation. Consequently, they do not find the jobs that are relevant to the skills and knowledge they have painstakingly acquired in the university. This results in a significant wastage of useful resources at the societal level.

From a rational point of view, it is thus in the best interests of both the society and the individual to assess the compatibility between oneself and the particular programme. Specifically, undergraduates can maximise their economic gains from such a hefty investment by patently understanding their likes and dislikes before committing to a particular course of study.

Click to enlarge:

Disclaimer: This is merely used as a quick reference guide.

Countries That Offer Unbelievably Free University Education For All

As the cost of higher education catapult over the years, undergraduates around the world have one thing in common – they are susceptible to an enormous pile of debt. The Tuition Fee Loan Schemes and total student debt vary globally.

For instance, in Japan, about US$5 billion in student debts were past due last 2011. In America, the college students’ debts summed to over US$1.2 trillion in 2013. Looking no further, in Singapore, one-third of the local students who graduated last 2005-2007 had an average debt of S$20,000 per student.

With these overwhelming numbers, it is surprising to know that some countries are offering free or low-cost tertiary education – in English! If you are willing to leave the Lion City for your studies, here is a concise list of those countries:

1. FINLAND

Regardless of your nationality and level of studies (i.e., diploma, degree, or Masters), tuition fee is free in Finland. But, you are expected to cover your personal living expenses that cost about 500 Euros or S$746 per month.

Image Credits: Miguel Virkkunen Carvalho via Flickr with Creative Commons License

2. GERMANY

9 months ago, Germany has implemented a rule that enables all students to enjoy no-cost fees for undergraduate studies. Yes! International students are included. Currently, 900 programs are available in English to attract foreign students, as they are experiencing shortage in skilled workers. Like Finland, living expenses in Germany cost about 500 Euros or S$746 per month.

Image Credits: Moyan Brenn via Flickr with Creative Commons License

3. NORWAY

Norwegian students and foreigners studying in the country can go to undergraduate studies, Masters programs, and Ph.D. programs at no cost! Be informed, however, of the harsh weather conditions and the high cost of living. A single student’s living expenses will equate to about NOK 7,500 or S$1,261 per month.

Image Credits: Edward Dalmulder via Flickr with Creative Commons License

With all these information at your reach, you have to understand that debts are not only rooted from school fees but also from living expenses. In fact, U.K. students have borrowed about US$10,200 per student to cover tuition fee and living expenses in 2011-2012. So, before you pack your bags, calculate whether the total cost of your education and living expenses are less here or there.

Sources: 1, 2, 3, 4, 5, & 6

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