Needy students can get interest-free loans at NTU
NTU Priorities Fund to help those facing financial difficulties due to Covid-19
Nanyang Technological University (NTU) has launched a fund to help needy students who have been impacted by the Covid-19 outbreak.
A $100,000 contribution by its president Subra Suresh and his wife, Mrs Mary Suresh, will kick-start the NTU Priorities Fund to offer financial relief,said the university in a statement.
Recipients will pledge to pay it forward within two years after graduation and return the interest-free cash assistance to the school.
In a letter to students, Prof Suresh said: "As a former beneficiary of such a philanthropic scheme without which I could not have pursued my advanced education, I am a firm believer in paying it forward."
NTU also announced the $2 million OneNTU Fund to support students who need immediate assistance due to the outbreak.
Eligible students may get an interest-free advance of up to $1,500, which they will reimburse the school after two years.
Priority for all funds will be given to those enrolled full-time at NTU, with the type and amount of financial aid depending on each applicant's needs.
PhD and master's students in their final year of study, whose research work has been disrupted by the closure of laboratories, will be allowed to extend their candidature with a waiver of tuition fees for up to one semester.
The Singapore University of Technology and Design (SUTD) had announced the SUTD Community Grant earlier ths year and it said over 800 non-scholarship holders and financial aid recipients could receive $3,000 a year to offset tuition fees through the grant.
Meanwhile, the National University of Singapore (NUS) announced on April 17 that it had raised an initial sum of $220,000 from alumni benefactors for the NUS Students Solidarity Fund.
The money will be given in grants of $400 to needy students whose monthly per capita family income is less than $150.
NUS said nearly 700 students will be receiving the Solidarity Grant, on top of existing regular financial aid.
In a statement, NUS president Tan Eng Chye said they are anticipating more students in need of help as family income may have been affected by the economic impact of Covid-19.
He said the school has received over 100 applications for financial aid for the next academic year so far..
He appealed to the NUS community to offer financial help to those in need.
"I would like to make a personal appeal to colleagues to consider contributing your Solidarity Payment, or any other financial sum, to the NUS Students Solidarity Fund," he said.