Everything To Know About The PSEA Account
Post-Secondary education in Singapore includes various options such as pre-university programs, polytechnics, and Institutes of Technical Education (ITE). Each of these paths of education offers varying forms of specialized courses as well as academia.
Pre-university programs include Junior Colleges (JC) and Millennia Institute (MI), which offer a two-year curriculum preparing students for the GCE A-Level examinations.
Polytechnics offer diploma programs in various fields and are generally focused on practical skills and preparation for the workforce.
Institutes of Technical Education (ITE) offer technical and vocational education and training (TVET) programs that provide hands-on skills training for various industries.
The Post Secondary Education Account (PSEA)
The PSEA is an initiative by the Ministry of Education as well as the Singapore government to help parents pay for their children’s post-secondary education. All Singaporeans are automatically given an account for use such as paying tuition fees or other purposes.
*The PSEA balance earns interest pegged to the CPF Ordinary Account (CPF-OA), which is 2.5% per annum as of April 2023.
Based on the MOE website, the PSEA begins when a child turns 7 years old for children born between 2001 and 2005, or when they turn 13 years old for children born after 2005. The account is eventually closed when an individual is at the age of 31, in which the leftover funds will be transferred to the CPF-OA and subjected to CPF-OA usage rules.
How much do I get in the PSEA account?
Each student receives an annual Edusave contribution of $200 at Primary School level and $240 at Secondary School Level, while the 2.5% interest rate acts into effect upon the creation of the account.
In May 2022, the government also implemented a $200 top-up to Edusave Accounts for 540,000 young Singaporeans as part of the Household support package. The top-up is also indicated in the Singpass account.
PSEA Account Funds
The PSEA account funds can be checked through the automated phone line at 6260 0777.
Alternatively, if individuals would like to transfer the funds or withdraw the PSEA funds for payment of approved fees and charges, it can be done through one of these ways:
- Users can establish a PSEA Standing Order online application using Singpass.
*This is a one-time application. The requirements for the form are that a parent or legal guardian must submit the application on behalf of an account holder who is below 21 years old.
Results will be received 3 weeks after submitting the form.
- Submitting an ad hoc withdrawal application
Ad-hoc withdrawals are used in concurrence with the standing order for certain institutions, check with the relevant parties such as the school office and administration for the requirements.
*This is a one-time withdrawal
Results will be received 4-6 weeks after submitting the form.
Lastly, PSEA account funds can also be transferred to a sibling before the age of 31, or they will be automatically brought over to the CPF-OA.
Where can I use my PSEA on?
For students, the PSEA can be used to pay fee’s from approved institutions. The institutions include, art institutions, autonomous universities, the Institute of Technical Education (ITE), the National Institute of Early Childhood Development (NIEC), Polytechnic, Public agencies, SG Enable, Singapore Institute of Legal Education (SILE), and the Special Education Schools.
Under these institutions, students can pay school fees and miscellaneous charges.
For University Students, this includes the tuition fee loan, study loans, and overseas student program loans.
Based on the website, individuals availing of the skills future program can make use of it to attend:
- Full qualification courses, modular courses, and short courses leading to certificates, that are conducted by Nanyang Academy of Fine Arts and the LASALLE College of the Arts, public agencies, and private training providers. (*which are most of the courses.)
The PSEA can be used together with the Skills future credit to offset the course fees, however, skills future credit will be used for fee payment before PSEA.
Which Institutions Approve The Use Of PSEA Funds
Refer to the link attached here for the full list of approved institutions.