13% of students who borrowed from parents' CPF accounts have not paid back money - Singapore's Online Community

**djchris** · 17-07-2007, 04:35 PM

Source: http://www.channelnewsasia.com/stori...288661/1/.html

SINGAPORE: Manpower Minister Dr Ng Eng Hen said Tuesday that 13 percent of students who had borrowed from their parents' CPF accounts for tertiary education have not been able to pay back the money despite the Board's enforcement efforts.

To better prepare Singapore for the needs of the ageing population, Dr Ng said the Ministry should not extend the use of CPF money for educational purposes.

He told Parliament there were other existing avenues through which students could obtain financial assistance.

He stressed that only 40 percent of active CPF members turning 55 are able to meet their CPF minimum sum.

Hence, Singapore should help members set aside more CPF savings in the future, instead of allowing withdrawals for more purposes. - CNA/ir

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Personally, I feel that he's too over-paid to see that most common citizens cannot afford to pay for degree studies with cold hard cash. Instead of allowing cpf loans to fund studies whereby interest generated will be paid back to cpf and the cpf account holder earns the interest, his idea will make citizens borrow from banks to fund studies whereby interest will go to the banks.

It's the same brainless comment like the cutting down of the Angsana tree at Braddell.

Just becoz some motorists cannot obey the safety rules, they cut down the tree. And just becoz some students cannot pay back cpf loan, they abolish the scheme.

Very disappointed.

ahchun · 17-07-2007, 05:29 PM

I think it time for them not to rely on their parent..if you want to further study...you can do part-time job to support yourself/sch fees ..why must it alway rely on parent to give you money... because their CPF is for them to feed themselves when they won't be able to work...

Not all sons and daughters will feed their parents...so what will happen to them after what they did(use CPF for kids to study).And you expect the Government to feed them?
======
Do You Drive ? The Angsana tree at Braddell .... it a stupid idea to keep it there in the first place.... one tree in the middle of the road...because of that we have to drive like 40km/h.... you know how slow is it ? even at 40km/h you will also have near accident because of the sharp turn...

Just my 2 cents........:biggrin4:

**weeable** · 17-07-2007, 05:34 PM

i would agree with djchris. Not many of us can afford to pay for our uni education. Working part time is not very feasible-- not impossible either-- cuz there IS lots of school work. But i do wonder how is it possible that they don't service the loan? Isn't the loan amount coming from the pay directly?

**djchris** · 17-07-2007, 06:16 PM

	Quote:			Originally Posted by ahchun
	I think it time for them not to rely on their parent..if you want to further study...you can do part-time job to support yourself/sch fees ..why must it alway rely on parent to give you money... because their CPF is for them to feed themselves when they won't be able to work... Not all sons and daughters will feed their parents...so what will happen to them after what they did(use CPF for kids to study).And you expect the Government to feed them? ====== Do You Drive ? The Angsana tree at Braddell .... it a stupid idea to keep it there in the first place.... one tree in the middle of the road...because of that we have to drive like 40km/h.... you know how slow is it ? even at 40km/h you will also have near accident because of the sharp turn... Just my 2 cents........:biggrin4:

Firstly, loaning the money from parent's cpf does not mean that the kids are freeloading off the parents. The benefits of the study loan from cpf scheme is to allow the parents to benefit as the interest that the kids have to pay back, will go to the parents and not the bank. If the parents fail to give the kids a good upbringing, they won't take care of you when you are young. That's it. And for such kids, the parents can choose not to pay for their education. Now, you are not going to allow ALL the kids (regardless good or bad kids) to benefit from the cpf scheme at all.

Secondly, LTA has already spent 200k on conserving that tree. 200k goes into building the road and structure around the tree. If they recognise that conserving that tree is a must, they should stick to it. Because drivers like yourself cannot drive carefully and control at 40km/h means the tree must die. Is it the tree's fault? LTA can enhance the roads with humps and other structures to slow vehicles down.

**chikon** · 17-07-2007, 06:45 PM

	Quote:			Originally Posted by ahchun
	I think it time for them not to rely on their parent..if you want to further study...you can do part-time job to support yourself/sch fees ..why must it alway rely on parent to give you money... because their CPF is for them to feed themselves when they won't be able to work... Not all sons and daughters will feed their parents...so what will happen to them after what they did(use CPF for kids to study).And you expect the Government to feed them? ====== Do You Drive ? The Angsana tree at Braddell .... it a stupid idea to keep it there in the first place.... one tree in the middle of the road...because of that we have to drive like 40km/h.... you know how slow is it ? even at 40km/h you will also have near accident because of the sharp turn... Just my 2 cents........:biggrin4:

heres my 2 cents :
Even at diploma level, some parents already cant afford to pay the huge amount of school fees and students might also be at age of 17. Even if they manage to find part time jobs, it would be at night after their lessons and they might find it too tiring to continue this cycle of school-work-slp(insufficient most of the time). In the end, they ened up skipping lectures, flunking their tests and in most case no time to study for their major exams. Thats why i suggest the CPF scheme to continue!

shingshing · 17-07-2007, 07:52 PM

What utter nonsense. 40% of active CPF members that can't meet the min. sum is not becoz of educational purposes. That's becoz of the rising standard of living. And don't forget our bloody salaries never increase much to match with the inflation. So angry over here.:devil2:

Anyway that minister is really bullshitting. How do you expect tertiary students to pay off their school fees then? Surely thru parents' pockets again la! Tell mi what's the diff between paying thru cash and thru CPF? And anyway those students who dun pay are children of the parents what? Parents dun mind children dun pay back so what are they so concerned with? Was it becoz government scared not enough CPF funds (citizens) to dump into some STUPID investment like Uni South Wales? That was a pathetic failure. I can't imagine how much losses Sg had made just on stupid school.

DUHZ!

**Shyraiiyann** · 17-07-2007, 08:37 PM

	Quote:			Originally Posted by ahchun
	I think it time for them not to rely on their parent..if you want to further study...you can do part-time job to support yourself/sch fees ..why must it alway rely on parent to give you money... because their CPF is for them to feed themselves when they won't be able to work... Not all sons and daughters will feed their parents...so what will happen to them after what they did(use CPF for kids to study).And you expect the Government to feed them? Just my 2 cents........:biggrin4:

Huh? er, u got continue studying?
work part time etc? :speechless: with that kind of qualifications, i think u work dunoe how many years den can study lor higher education lor. [lets take it that u onlil haf O lvl cert- cause tertiary mostly use cpf de] i can say, majority of us is not financially independent after Os. Like my mom, the most she expect me to do with my pay is mind my own stuffs, in case got stationary or wad ownself can buy, but sch fees. wah lau.
i think i dunoe work how many years den can start studyin lor.
my sch fees 3 years 10K+~ still got material cost, transport.
wah lau.

Of course if ur parents rich can gif u cash den dun need to borrow from CPF lor. but u wanna work and den
i think alot of parents are willing parties to use their cpf, so their child can continue studyin without worryin too much first,
a parent will only want the best for the child. so most parents will not think so far [llike child will feed em anot etc]
i mean, most parents will know, having a child is not just abt giving birth den leave em to fend for emself de ma

i think those that havent pay up maybe bcoz they are still stuudyin or really poor bahs.

and ya, if own family never help to pay for sch fees, den expect gov pay also??

**muffin** · 17-07-2007, 09:38 PM

i think should enforce by putting a clause in the agreement for them to sign.

**Kirby** · 17-07-2007, 11:17 PM

govt sometimes think too straight foward le...

akiechan · 17-07-2007, 11:25 PM

Bcoz 13% cudn't pay back (on time), he actually suggested tat we killed off the other 87%.

Oso, he shd try the life of civilian life for 1 week, those low salary bracket type b4 making such comments. After all, CPF monies still belongs to us rite?

**mrleech** · 17-07-2007, 11:59 PM

Just 13% fail to return the money. Why should the government step in? Worried that retirees cant survive?

Provide free trainings for them to be able to do abit of work to have some little bit of income to survive.

**genzo2106** · 18-07-2007, 12:28 AM

well i guess when the minister said tertiary he would be referring to all levels starting from poly and JC rite up to uni.

While i agree that the CPF scheme shld stay cos teens at 17 dnt really have that means to earn their sch fees, thou there are still exceptional cases..But as for those completed uni, I think if they are unable to repay back the money, there must be some reasons behind..

Also, the repayment scheme could be revised to reduce the % of non-repayment.. Therefore the minister was not using the appropriate approach to this issue..What he saw was just the surface of the issue and not the true picture.