HomeFresh Graduates3 ways to maximise your PSEA

3 ways to maximise your PSEA

Header picture source: Pexel

This article was not reviewed by the Monetary Authority of Singapore (MAS) or any other relevant authorities.

After graduating from secondary school, I’m sure many of us don’t bother to find out how much we have in our PSEA—let alone how and what we can use it for.

This Is Very Embarrassing Better Late Than Never GIF by NBC
Source: GIPHY

I mean, if our accounts were topped up annually by the government ever since we had an Edusave account, let’s not waste whatever’s left and see how we can maximise it right?

While the money in your Post-Secondary Education Account (PSEA) will eventually be transferred into your CPF Ordinary Account (OA) at 31 years old, there are still several useful ways you can use it before this irreversible action is implemented!

1. Paying your School Fees

How I imagine repaying loans is like - GIF on Imgur
Source: Imgur

As you progress to Polytechnic or University, you can use your PSEA to pay your school fees and/ or your miscellaneous fees. To do this, you can opt for a Standing Order (SO) or an ad-hoc withdrawal application based on how you plan to pay your school fees.

However, it is important to note this is only applicable for certain institutions!

2. Paying your Loans

Dinero Mucho GIF - Dinero Mucho PayDay GIFs
Source: Tenor

If you have done a CPF Education Loan Scheme or Tuition Fee Loan in the course of your polytechnic or university life, you can also use your PSEA to pay off your debts.

However, it is important to note that this can only be done if you have left the institution. To do this, you would have to fill up an application form using your Singpass.  

3. Execute Point 1 for Your Siblings

Best Friends Sibling GIF by Hallmark Channel
Source: GIPHY

If you don’t think Point 1 is applicable or useful to you, perhaps it could be useful for your siblings as you can actually pay for their school fees using your PSEA! Of course, your siblings must be studying in approved institutions and/or enrolled in approved programmes.  

Okay but how do I check how much I have in my PSEA?  

You can check your PSEA balance by dialling Ministry of Education (MOE)’s 24-hour hotline (62600777).

Click on this link to engage a financial adviser if you are still unsure what to do with your PSEA, as it will eventually be transferred into your CPF, and you might have some financial goals you want to attain!



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