IT MAY not be in disrepair, but I think it's time for a relook at the scholarship system in Singapore.

As my graduation approaches, the hot topic among Singaporeans at my university is: Who has got the hottest job offers (read: from investment banks and law firms).

However, what's controversial is that some of the people who received job offers are scholars.

One of my closest friends broke his bond recently, and it wasn't an easy decision for him. Nor will it be short-lived, as he copes with its consequences.

Moral judgments and social stigma aside, bond-breakers have simply chosen to act upon the dilemma that many overseas scholars face.

At the age of 18, they signed away 10 years of their lives. Once overseas, the vast array of opportunities awaiting them are overwhelming - opportunities that drastically increase the 'opportunity cost' of returning to serve in Singapore.

Truthfully, even the most passionate civil servant might be tempted, let alone young adults. It's an open secret: working in the public sector might hamper one's prospects in the private sector. Conversely, working in the private sector usually enhances public sector prospects.

Ironically, these opportunities and considerations would not have surfaced had it not been for the financial backing of a scholarship agency.

How, then, can this vicious circle be broken?

One possibility would be to have more bond-free scholarships. In Singapore, these are few and far between.

If awarded discriminatingly based on both financial need and academic merit, they are an invaluable means of enhancing the prospects of children from less-well-off backgrounds.

Also, rather than seeking immediate returns on an investment, scholarships should be treated as a long-term investment in an individual, not a means to tether an individual to a country or corporation.

Overseas private-sector experience accrues benefits not just to the individual, but ultimately the country as well, when a scholar returns with both exposure and experience.

However, such changes have to originate from the Government. Most statutory boards and even private companies currently model their scholarship schemes after the Public Service Commission's.

By finding alternative ways and means to attract and groom talent, the latter will set a new standard for awarding scholarships, and perhaps even solve this perennial bugbear.

It is crucial that something is done. With Singaporeans' growing affluence, more are able to pay their own way overseas.

Therefore, a scholarship needs to be so much more than a binding contract. It should also represent opportunity and flexibility - a means of retaining talent, instead of trapping it.

The writer, 21, is a final-year government and economics student at the London School of Economics.

This article was first published in The Straits Times on Mar 24, 2008.