Edusave, PSEA and more: 9 government schemes for schoolgoing kids and parents in Singapore (2022)

If we’re being perfectly honest, the most expensive part of being a parent in Singapore is right at the very beginning, when you’re going through diapers like crazy and paying top dollar for preschools that promise to turn your kid into the next Elon Musk.

So for most parents, it’s a relief – both financially and psychologically – when your child finally makes it to Primary 1. Nonetheless, every little bit helps, and most of us do appreciate the grants, schemes and subsidies available for school going kids.

There isn’t really a place where you can find all the subsidies in one place, so we’ve put together this guide to Edusave, PSEA, and all the other schemes available for kids in Singapore from age seven onwards.

1. Summary of financial schemes for students in Singapore

Here’s a quick guide to nine financial schemes in Singapore for school-going kids of various ages and income levels. For the most part, they are for Singapore citizens, though PRs might be eligible for some of them.

Click on the name of the scheme to jump to the relevant section.

(Note that fees are higher if you enrol your child in an autonomous school or independent school. Autonomous school fees range from $3 to $18 a month, and independent schools charge anything from $290 a month.)

To appreciate just how much education subsidies the government is giving Singaporeans, just compare this against how much PRs and foreign students need to pay to go to school here:

Singapore universities like NUS, NTU and SMU also have lower fees for citizens compared to PRs and international students. The difference is in the thousands each year.

The point is, education in Singapore is already heavily subsidised by the government for citizens. But schemes like Edusave and PSEA account can help out just a little bit more.

3. Edusave contributions & awards

Edusave is a multi-tiered programme by MOE, where government funds are given to help students pay for certain school-related stuff.

At the most basic level, there’s the annual Edusave contributions which every Singaporean child (citizen, seven to 16 years old) can get regardless of academic performance. An Edusave account is automatically opened for you, and the money magically appears in it each year.

Here’s how much students get this year:

On top of the above contribution, as part of the Household Support Package announced in Budget 2022, students were awarded an additional $200. All Singaporean citizens between the ages of seven and 16 who are enrolled in a MOE-funded primary or secondary school, including Government-funded special education school are eligible for the top up.

In addition, students from Primary 1 onwards who have performed well or made good progress in academic or non-academic work (e.g. leadership or CCAs) will be rewarded with cash as well, in the form of Edusave awards. There are various awards ranging from Edusave Character Award (ECHA) to Edusave Merit Bursary (EMB).

This is how much the Edusave Merit Bursary award is:

So, depending on your child’s age and performance, you’re looking at getting anything from $200 to $890 a year from Edusave.

MOE will send an Edusave account statement every year, detailing the past year’s transactions and what’s left. To check how much is in the Edusave account in between statements, you can call 6260 0777 or email contact@moe.gov.sg.

Like your CPF, the funds in the Edusave have designated use and you can’t withdraw them as cash like you can with a regular bank account. Instead, whenever you need to pay for something that can make use of the Edusave, the school will give you a form to fill authorising them to deduct the amount from your child’s Edusave account.

If you don’t want the hassle of signing a separate form each time, you can establish an Edusave Fee Standing Order to use the funds to pay for the second-tier miscellaneous fees. Just fill in form and give it to your child’s school.

4. PSEA account (Post-Secondary Education Account)

Thanks to the government’s Baby Bonus scheme, most Singaporean parents would have rushed to open a CDA account (Child Development Account) in their child’s name the moment the baby is conceived.

As your kid gets older (age seven for kids born between 2001 and 2005, or age 13 for kids born in 2006 and after), whatever money left in the CDA account will get dumped into a PSEA account, or Post-Secondary Education Account.

At 16 years old or after completing secondary school, the money in the Edusave account will also be transferred into the PSEA account.

The PSEA account‘s main selling point is that it earns 2.5 per cent p.a. interest, just like a CPF account. But, like CPF, you can only unlock the funds for PSEA approved uses:

• Tuition fees at local universities, polytechnics, art schools, ITE, and other approved institutes
• Compulsory hostel fees for certain courses
• Payment of government or CPF education loans
• Siblings’ approved fees and charges for approved programmes

At age 31, this account is closed and any unused funds will be transferred into either your child’s CPF Ordinary Account, or her sibling’s PSEA.

An account statement of your child’s PSEA account is sent every year in March. You may use the funds on an ad-hoc basis, or you can establish a PSEA Standing Order with instructions on withdrawals by filling in the form and handing it to your kid’s school (like with Edusave).

Note to kiasu parents: If you haven’t maxed out your contribution to your child’s CDA, you can still do so after the CDA money is put into his PSEA. You’ll still get the government’s dollar-for-dollar contribution until your child is 18 or when the cap is reached.

ALSO READ: All secondary school students to have personal digital devices by 2028, $200 Edusave top-up to support purchase

5. Edusave Scholarship for Independent Schools (ESIS)

Most of the top schools in Singapore are classified as “independent schools”, meaning they have some autonomy in how they’re run, and how much school fees they charge. These are the independent schools in Singapore:

• Anglo-Chinese School (Independent)
• The Chinese High School
• Hwa Chong Institution
• Madrasah Aljunied Al-Islamiah
• Methodist Girls’ School
• Nanyang Girls’ High School
• Northlight School
• Raffles Girls’ School (Secondary)
• Raffles Institution
• Raffles Junior College
• SJI International School
• St. Joseph’s Institution
• School of Science and Technology
• School of the Arts
• Singapore Chinese Girls’ School
• Singapore Sports School

As mentioned in the section on school fees, independent schools in Singapore are much more expensive than public schools. Even if you’re a Singapore citizen, you’ll need to pay upwards of $290 a month for fees.

One way to defray such costs is through the Edusave Scholarships for Independent Schools (ESIS), which is for top students in independent schools, from Primary 6 onwards.

The Edusave scholarship amount is $2,400 and it lasts from two to six years.

6. MOE ISB (Independent School Bursary) Scheme

Alternatively, students from lower income households can get financial assistance if they want to attend an independent school – regardless of performance – with the MOE Independent School Bursary (ISB) Scheme.

Here’s what it looks like:

Those in the 100 per cent subsidy tier also get:

• Free textbooks & school uniform (secondary school)
• $1,000 bursary (junior college)
• $180 transport credit a year for public transport
• School meal subsidies of $2.90 per meal for 10 meals per school week (secondary school)
• Full subsidy for exam fees

To apply for the MOE ISB scheme, you typically do it directly through the school your child is enrolled in.

7. MOE Financial Assistance Scheme (FAS)

For students who are going to government schools and government-aided schools, you’re already enjoying heavily subsidised fees; nonetheless, there’s an MOE Financial Assistance Scheme (FAS) to help with the costs. The requirements for FAS are more stringent:

• Gross household income of less than $2,750/month
• Average income per person (per capita income) in your household of less than $690/month

Here’s a table summarising the benefits you’ll get under this scheme:

8. ComCare Student Care Subsidies

Another subsidy scheme for lower income households is the ComCare Student Care Subsidies scheme.

If both parents are working and there’s no one to care for your child after school, you can enrol her in a registered Student Care Centre and get up to $290 a month in subsidies.

These are the eligibility criteria:

9. IMDA PC-Bundle Scheme

Computers are indispensable for education these days. For students (up to tertiary level) from lower income families, the IMDA PC-Bundle Scheme subsidises the cost of owning a new computer + software + internet. The PC-Bundle includes:

• Your choice of computer
• Three years free broadband subscription
• Antivirus software
• Productivity tools
• Internet filtering service
• Delivery & installation
• Warranty

It’s not totally free, but the subsidy is up to 75 per cent (for Singapore citizens), which should help with the costs.

Full-time students aged 25 and below, who are attending a local school (including ITE and polytechnics, but excluding universities) can get the subsidy if their monthly household income is $3,400 or less, or if the average monthly income per person is $900 or less.

If you are on the MOE FAS, you will also qualify for the scheme.

This article was first published in MoneySmart.