SINGAPORE: A polytechnic student nearing graduation recently took to Reddit to ask whether it is truly “worth it” to take on an additional S$64,000 in student loans in order to study at one of Singapore’s Big Three universities.
Posting on the r/singaporefi subreddit on Friday (Nov 7), the student, who’s studying Computer Engineering, shared that he already owes around S$24,000 in existing study loans. If he proceeds with university, his total debt would balloon to nearly S$90,000 by the time he graduates.
“If I go uni (I have the grades for Big 3), I’ll have to take another S$64k loan, as I do not wish to rely on scholarships for uncertainty. So, total debt becomes S$90k,” he wrote.
He also said that he must continue paying S$100 per month toward his existing loan while studying. However, he noted that this amount barely reduces the principal, meaning the debt would remain high throughout his entire time in university.
The student went on to share that someone, whom he referred to as “Person A” in his post, has been financially supporting him during his polytechnic years.
According to him, this person has contributed S$4,000 per year, totalling around S$12,000 so far. If he chooses to attend university, Person A has offered to continue helping by providing S$2,000 per semester, which would add up to around S$16,000.
Although there’s no pressure to repay the money or pay any interest, the student said he still intends to return it someday.
Looking ahead, the student wrote that he expects to earn around S$4,000 a month after graduation, based on typical starting salaries in his field. From that income, he plans to give his parents S$500 every month, set aside S$600 for rent, and another S$600 for daily and personal expenses.
Considering that he has all these commitments to think about, and already has a sizable debt to repay, he asked the Reddit community, “So… do I take the S$64k uni loan and go to the Big 3? Or start working with a diploma, getting certifications, avoiding being financially chained, and migrating to another country? I’m currently interning (graded) as a DevOps Engineer and assigned as a lead.”
“Do make the investment in a degree.”
In the comments, many Singaporean Redditors encouraged the student to take the loan, saying that the degree would likely pay off in the long run.
One Redditor wrote, “Absolutely go for the Big 3, especially since S$64k is quite reasonable. A degree helps in many ways — changing country, changing role scopes. Without one, some opportunities will never arise (many banks will simply filter out your resume if there is no degree), and others will be much more focused on your past experience.”
Another echoed this sentiment and urged the student to think long term: “Hello, if your intention is to work and stay in SG long term, do make the investment in a degree. S$64k is a lot of money now, but it’s a fraction of future earnings.”
Meanwhile, a third commenter pointed out the limitations some diploma holders face: “In Singapore, there is usually a pay ceiling for diploma holders. A fresh grad’s pay is typically 2x higher than a diploma holder’s. Nowadays, if fresh grads don’t get S$5k to S$6k, they won’t accept the job. For diploma holders, starting pay can be below S$2.5k.”
In other news, a 23-year-old man shared on Reddit that his heart felt completely broken after his girlfriend, whom he had been financially supporting for years, ended their relationship shortly after he asked her to start paying for half of their dates.
In his post on the r/sgdatingscene subreddit on Tuesday (Nov 4), the man explained that during his girlfriend’s polytechnic days, he had taken it upon himself to cover nearly all their expenses.
