COVID-19 has wreaked havoc on societies around the world. In addition to the health impacts, many individuals find themselves in compromised financial circumstances. For example, Singapore's economy shed 19,900 jobs in Q1 2020, the biggest drop since the SARS outbreak in 2003. On top of that, many individuals face reduced hours as businesses are forced to cut costs. As many individuals face financial pressures, financial institutions and government agencies have provided various relief measures. In this article, we examine one of these schemes and analyse its usefulness to new and recent university graduates.
What Does Student Loan Deferment Look Like?The Monetary Authority of Singapore (MAS) partnered with major financial institutions, including Maybank, POSB and DBS, to allow education loan borrowers to defer principal and interest payments until January 2021. Individuals that financed their education with OCBC's FRANK Education Loan, can defer until May 31, 2020.
Deferred study loans
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