When Should You Begin Your Preparations?
Once you get a formal invitation to join an Institutes of Higher Learning (IHL), you can start the application process for your Student Pass. This application should be submitted between one to two months before your course begins, with at least one month’s time, recommended to ensure everything goes smoothly.
Student Pass Application Fees: Understanding the Costs for Your Singapore Study Permit
For international students planning to attend a program in Singapore lasting more than 30 days, obtaining a Student Pass is mandatory. Here’s a breakdown of the application fee process and costs associated with securing your Student Pass:
- Visa Processing Fee
- Cost: SGD 30
- Details: This is an advance, non-refundable fee that must be paid when you submit your application to the Singapore Immigration & Checkpoints Authority (ICA).
- Visa Issuance Fee
- Cost: SGD 60
- Details: This fee is charged for every Student Pass issued in your name. It is payable when you complete the formalities to collect your Student Pass.
- Additional Fees
- Multiple-Entry Visa Fee: SGD 30
- Details: These additional fees are payable when you successfully complete the formalities to collect your Student Pass.
Financial Preparations and Documents Needed to Apply for Singapore Student Pass
When applying for a Student Pass to study in Singapore, you need to ensure that you meet the financial requirements outlined by your chosen Institute of Higher Learning (IHL). Here’s an outline of the financial components and documents you need to prepare:
- Payment of Course Fees
- Course Fees: Typically, you are required to pay your course fees upon receiving your In-Principle Approval (IPA) letter.
- Documents Required: Receipt of payment and the signed Standard PEI-Student Contract.
- Bank Statements
- Purpose: To demonstrate your ability to financially support yourself during your stay in Singapore.
- Details to Include:
- Tuition Fees: Proof of sufficient funds to cover tuition fees for the entire duration of your program
- Living Expenses: Estimated at approximately SG$ 24,000 (INR 14,77,751 around) per year, depending on the university and duration of stay.
- Duration: Bank statements should cover a period of six months to show consistent financial capacity.
- Minimum Bank Balance
- Tuition Fees and Living Expenses: The specific minimum bank balance required may vary, but it generally should cover both tuition fees and living expenses.
- Buffer Amount: We recommend to show min 10-15L INR in addition to the total cost to highlight strong ties to India.
Acceptable Sources of Funds
- Bank Statements: Covering the past three to six months, showing sufficient funds to cover tuition fees and living expenses. (No NBFCs)
- Fixed Deposit Receipts: Proof of long-term savings like FDs, RDs in a bank.
- Student Loan Documentation: Required in case you are financing your education through a loan. Loan from NBFCs not accepted. If taking an NBFC loan then need to disburse the amount in the bank in advance.
- Scholarships or Grants: These can be included as part of your financial support, but must cover necessary expenses during the study period.
- Sponsor Funds: Typically, acceptable sponsors for your education in Singapore include parents and student (himself/herself).
Contact the Collegepond Financial Services Team to receive comprehensive information regarding the list of banks and institutions recognized and accepted by Singapore Visa Authority for demonstrating proof of fund.
Disclaimer: Please be aware that the Singapore government’s requirements and policies concerning student visas are subject to change. Therefore, it’s crucial to review the most recent guidelines before submitting your application.
Also, the visa related charges are as on the time of writing this article.
For a detailed assessment of your financial planning preparations, education loans for Singapore, or any other specific assistance or query please contact Collegepond Financial Team at _______[Email]_________.
