‘Is S$30k student debt crazy?’: Singapore grad seeks advice after graduation

SINGAPORE: For some students, taking out a loan is simply the price of getting a university degree and, hopefully, securing the career opportunities that come with it. In a meritocratic society where a degree is often seen as an important stepping stone, taking on debt can feel like the only realistic option.

However, for one Singaporean graduate, the reality of repaying that debt has left her struggling with what she calls “loan anxiety.”

After graduating from university, she took to Reddit to share her worries about having around S$30,000 in student debt.

“I just graduated from university and the tuition fee loan  is kicking in. Reality hits, and I realise everyone around me is privileged enough to have their degree fully paid by their parents.”

According to her, many of her peers have made it sound like having a S$30,000 loan is terrible. “So now I’m anxious, because I’m wondering if a $30k loan will set me back by a lot compared to my peers.”

“I’m doing slow monthly repayments (not enough cash on hand to pay in full and because I’m considering BTO, which adds to the worries). I know I can pay it back, but having a debt (and a potential housing loan) just unsettles me, especially since I feel like I’m alone in this.”

With the debt weighing on her more than she had expected, she turned to fellow Singaporeans for some perspective. “Is $30k student debt crazy? What can I do right now? Get me out of this mindset, please.”

‘You will still be able to save’

In the discussion thread, plenty of Redditors tried to reassure the young woman that a S$30,000 student loan would not set her back as much as she feared.

Some who had taken out similar loans also shared their own experiences, saying they had managed to repay their debt while still saving money, investing, and even going on holidays.

One Redditor said, “Don’t worry too much. I graduated from uni with a bank loan close to S$30k as well. It is not uncommon; we all just gotta work harder. Work and pay it off. Over your entire life, S$30k is really nothing much.”

Another commented, “I had 35k of student debt. Working 1 year in, I’m on track to pay it all off by the end of this year. I could still go on holidays and invest a couple hundred a month. This is on a S$4k+ salary. Of course I’m fortunate to have a roof over my head. Just take a minute to sit down, calculate, and plan ahead.”

A third wrote, “During my time it was less than S$30k, perhaps about S$26/28k. I didn’t like being in debt, and I paid it off within 3 years. You will still be able to save. My pay was less than S$3k then, so don’t worry too much.”

Given that she was already feeling financially stretched, some also suggested putting off major commitments until she was in a more comfortable position.

One told her, “The sensible thing is to delay marriage, delay BTO, delay, delay, delay. Sometimes marriages are things we cannot afford.”

In other news, a Singaporean jobseeker shared on social media that an HR representative asked her to come up with multiple ideas to boost the company’s sales during the hiring process.

Posting on the r/singaporejobs subreddit on Sunday (Aug 9), the jobseeker said this was for an “entry-level position” and that HR had told her that, to move on to the next interview round, she needed to come up with “several solutions and market trend insights to help boost company sales, then present them to the hiring manager.”

Read more: SG jobseeker stunned after HR asks her to pitch sales ideas for S$3k entry-level role