Rethink the scholarship system

The recent articles on the difficulty in obtaining overseas scholarships sent me thinking whether the scholarship system in Singapore is still relevant in this global economy, where top talents are globally mobile.

I wonder how many of these 18 years old know the myriad of opportunities and the excellent compensation they may received when they graduated with from the top overseas universities.

An example is that top tier global investment banks and management consulting firms normally hire graduates from the top overseas universities, and they pay global rates. Therefore, an overseas Singaporean graduate working in these companies, even in Singapore, can easily start with a monthly compensation of $6000 and above, which is more than twice the monthly compensation of most bonded scholars.

Will the scholarship applicants whom can afford to pay for their overseas education still applied and take up the overseas scholarships if they know this?

Unless these financially able applicants at the age of 18 or 21 are sure that they want to work in the particular organization they applied for, obtaining an overseas scholarship may not be the best option.

Madam Tay Lai Cheng, principal of Temasek Junior College, echoes my concerns. In the frenzy of applying for all these overseas scholarships, these students must understand that these overseas scholarships are tied to the organizations, and they have to return to serve their bonds of four to six years.

Maybe it is time we should rethink the scholarship system. Are we also bonding too many of our talents?

I will like to see commercial overseas study loans, guaranteed by the Government, being made available for our qualified but financially strapped Singaporean students to study in the best overseas universities.