7/30/2016

AGO’s report on lapse in recovering university loans


The two universities, NUS and NTU granted several million dollars of loans to mainly Singapore students whose parents could not afford to pay for the cheap tuition fees that are already highly subsidized. In the AGO’s report where it did some sample tests, it discovered that the recovery of student loans in 23%  of the cases were delayed by 3.5 years, ie student unable, could not or somehow did not repay the loans in time.  MOE has responded that it is working hard to recover the loans but in some hardship cases it has to delay or reduce the repayment sum.

What does it mean, young university graduates in hard times and unable to service their student loans? Were they not gainfully employed after graduation? Is there a problem that young university graduates are facing financial hardship and unable to repay their loans in time?

There was a time when getting into university was something that called for great joy and celebration, on the path to riches. And on graduation, crossing the last hurdle, life was supposed to be good. Today, on graduation is the time to face disappointments in getting a job, don’t bother about getting a good job. Some were unable to get jobs over a year, some graduates ended up working as temp workers! There is nothing to celebrate about on graduation.

Some thought they got to do better, went on to get a masters degree only to be more disappointed after wasting the money and time, unable to find a decent job. What is going on?

Nevermind, this is the new life of a graduate. What is more disheartening, actually I thought it was a good thing that students were helped by the universities with study loans. On second thought they would be better off if they were foreigners, being helped in a big way by the same govt, with free scholarships, no need to pay back, no need to worry about loans in arrears or rescheduling loans. How lucky are these foreign undergraduates. And how unlucky are our own undergraduates. Should not they wish that they were not citizens of this country?

By the way, how many billions were thrown to the foreign students in scholarships? Why no one think this money should be given to our own children? Why no one think this should be raised in Parliament, that out taxpayers’ money must be given to the taxpayers’ children, not to children of people that we have nothing to do about, who did not pay any taxes to us? Why are chasing after loans that the students cannot afford to repay while foreigners had a free ride with free scholarships?
Stupidity has no cure. Or is it more than stupidity?

19 comments:

Anonymous said...

Aiyah this issue has been raised by wp before but just the government never quite explain the rationale lar. I don't think majority of sinkies that is 70% mind as 70% of the the sinkies never go to Uni anyway so it's a minority problem.

Anonymous said...

"Some were unable to get jobs over a year, some graduates ended up working as temp workers! There is nothing to celebrate about on graduation."

1 year cannot find job? That is not so bad. Other countries like Philippines and India cities, there are many waiting for jobs for more than years, not just 12 months.

Singapore is a global city. Job priority will go to those who waited longer than a year. It is their birth rights to employed as graduates. So those in Philippines and India cities will have priorities over singaporeans graduates, in order for singapore to be qualified and seen as a global city.

Singaporeans graduates must not and should not ask for jobs in singapore. Be global, go to north pole or south pole if needed, learn to give up their parents, children, and live far abroad as global citizens. Before they die, do call up the embassies if there is still some in the world to inform them to strike out the register. There is no country except those must serve NS. Other than this obligation, dont ask for jobs in singapore. Graduates are lucky. They must not think to serve in singapore. Go serve other countries, leave your parents for the government to take care. That is singapore s life. Dont blame the government, blame yourself who chose to be singaporeans and born here.

Anonymous said...

You are so right. Now people from the third world need not have to wait for one whole year or more to get a job. They can come to Singapore and got priority to all the good jobs. They can cut queue also.

Singaporeans must wait long long. That is the policy. Scholarships for foreigners, loans with low interests for Singaporeans. Foreigners no debt to pay, Singaporeans in debt after graduation and cannot afford to pay, loans in arrears,

Singapore is a paradise for foreigners, it belongs to all foreigners that are here.

Anonymous said...


As the local young people are the owners and leaders of tmr,
education should be FREE up to university level.

Yes! Education should be free! Why loan?

We have the money to provide for free education!

Don't throw money all over the place.

Think education! Think about it!

Cheers!

Anonymous said...

University loans must be granted to local citizens. Scholarship must be given to Malaysians, Philippines, Prc, and Indians citizens and MOE must not chase back the money. Grants also must give free money to these poor students to study in singapore. Because singapore must show it is a global city, and not a country.
If it is not a country, then, citizens must not be entitled to free education. They must do NS but must get out of this place for other countries citizens to take their place to have a well mix of global citizens. So foreigners living here must be protected by locals, but locals must go out of singapore to give space for foreigners. This is the government s policy. The government will take care of the parents of those sons and daughters leaving singapore, with 5 star health care and 5 star elder care. Dont worry about their parents and singapore. Leave and find your future else where. Stop asking for jobs and free education. There is no country, how to have free education or jobs for locals. But for NS, they must serve the country first before they go and get out after all in camps.
Go find jobs in other cities and let other countries young people and their families settle in. Be a real global citizen, get citizenship on globe basis, not on country basis. Give free to other countries please dont ask back the money. They are very poor people, singaporeans are too rich.

Anonymous said...

A Satirical Answer to Redbean's Rhetorical Questions
-------------------------------------------------------

"By the way, how many billions were thrown to the foreign students in scholarships?"
- who cares?
- the money belongs to Singaporeans, not the PAP Ministers.

"Why no one think this money should be given to our own children?"
- children of slaves do not need to be educated to a high level
- Singapore needs carpenters, plumbers, hawkers, toilet cleaners and security guards

"Why no one think this should be raised in Parliament, that out taxpayers’ money must be given to the taxpayers’ children, not to children of people that we have nothing to do about, who did not pay any taxes to us?"
- Singapore voters are stupid people
- why raise issues and questions in parliament that they do not understand?

"Why are chasing after loans that the students cannot afford to repay while foreigners had a free ride with free scholarships?"
- because it is easy to bully Singaporeans
- not so easy to bully foreigners

"Stupidity has no cure."
- yes. Singaporean voters are stupid
- 51 years of Independence since 1965. Still no cure has been found.
- it's actually easier to find a cure for cancer

"Or is it more than stupidity?"
- no. it is just stupidity
- we keep the stupid ones as slaves
- the clever ones we promote to Millionaire Ministers and Millionaire Civil Servants.
- make them part of the familee
- so that they don't ask difficult questions like these

Chua Chin Leng aka redbean said...

Hi Anon 11:22,

Your answers are all correct. Full marks for you.
You are A student quality.

Get your answers published as model answers.

Lycurgus80ofsparta said...

I think Chinese culture in particular over emphasize education as a way to get status. The problem with the economy is that there is limited space for people at the top. What we have is an educational arms race where everyone studies hard/use tuition to prove that they are superior but the end result is the same. It is a zero sum game.

Once the graduate pay comes down because of over supply, people will stop getting higher education and shift to technical education.

There are a view ways to avoid the education arms race, one way is to use IQ tests as a proxy for the smartest top level people. These people will go into university. This will avoid an arms race so students would be able to enjoy more free time instead of cramming for exams.

Anonymous said...

@ July 30, 2016 11:56 am

This is new.
Education and knowledge is the problem.
Not stupidity and ignorance.

PS:
I consider PAP Ministers to be stupid and ignorant.
Despite all their scholarships and educational qualifications.

Proof?
- every time there is a problem ... who do they call?
- Khaw Boon Wan.
- How long more does PAP think he can last?
- so many Millionaires in the Cabinet
- so few talents

Anonymous said...

@ July 30, 2016 1:16 pm

Khaw Boon Wan is not a General or an Admiral
I don't think he is even a scholar.

Do you think PM Lee's aristocratic model of the Scholar-General-Minister a complete failure?

Anonymous said...

The Venezuelan government is enslaving its own people
-------------------------
Amnesty International says a new decree in Venezuela that says the government can make any of its citizens farm the country’s fields in order to combat its current, punishing food crisis “effectively amounts to forced labour.”

http://www.businessinsider.sg/venezuela-forced-labor-2016-7/
----------------------

Is there any forced labour in Singapore?

Lycurgus80ofsparta said...

This over emphasis of university education/college loans is a problem in a lot of western, developed countries as well. Not only limited to Singapore. Here is an article from Return of the Kings for alternatives beside higher education.

http://www.returnofkings.com/90836/13-alternatives-to-attending-college-or-university

Anonymous said...

/// This over emphasis of university education/college loans is a problem in a lot of western, developed countries as well. Not only limited to Singapore. ///

When we are willing to pay more to allow our plumbers to earn $100,000 a year
- instead of allowing Malaysian plumbers and other trades people to work illegally in Singapore

Then you will see more Singaporeans choose to be plumbers and carpenters.

It's a dirty little secret
- the carpentry work done in Singapore home renovations come from Malaysia which goes through our ICA checkpoints unhindered
- the Singaporean contractor or interior designer acts as the saleman to get the contract
- the carpenters and carpentry work comes from Johor on lorries everyday

Enjoy your renovated home Singaporeans.
It comes from screwing your Singaporean carpenter and his family.

Anonymous said...

"Why no one think this money should be given to our own children?"
RB

Why? Because PAP thinks our children are less deserving of the money, that's why.

Of course 70% allow PAP to think and do what PAP think is good for Singapore lah.

Always remember, what is good for Singapore may not be good for Singapore children. For instance NS is also good for Singapore but not for the careers of Singapore males, because they lose out 2 years to woman and foreigners, tio bo?


Anonymous said...

1. What is good for PAP may not be good for Singaporeans.
2. What is good for Singaporeans may not be good for PAP.

When you sing "Stand up for Singapore"
- who are the people you are standing up for?
- Singaporeans or PAPigs?

Anonymous said...

Singapore is organized like an army camp.
What do you expect?
How many cabinet ministers and ceos are NOT Generals or Admirals?

Do you seriously expect a military organization to be able to innovate in today's fast moving global economy?
They can't even manage old technologies like MRT and shipping (NOL).
You think they can invest our reserves wisely?

We are seriously fucked in so many ways.

Anonymous said...

Invest reserve very wisely. GIC earned 4% yet CPF give 4%.
May be the 4% earned is more or less, what do u think?

Singapore s cpf savings is sinking under the son, not much doubt now, what do u think? There is a hidden message: cannot get better than 4% by GIC. Shares own by the other one, kepple, sambmarine, chartered, etc, all are doing exceptionally well.

Anonymous said...

Some SG born girls & boys dont have place for them in Poly/Uni and even they do have, the fees keeps increasing, citing increase expendature, while these foreign students just drop in on an empty seat provided to study and dont have to pay back a single cents on their study loans.

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