I assume the two scholarship options on the table are of different values.

The SMU one is likely to be local, with an allowance every year, and an opportunity to have overseas exchange semesters. There's no bond.

The STB one seems to be overseas, and a bond of six years for possibly four years of overseas studies. There's a bond, but that also means guaranteed employment and being of scholar grade in a govt agency rather than a farmer grade.

How much do you value going overseas? For the practical, going overseas > staying local, not only in terms of money spent, but also being "different" from the hundreds of local graduates from NUS/NTU/SMU/SUTD/SIM/ETC. But there are those that *can't* handle going overseas because they're rooted in Singapore.

And then, the degree that you're intending to take - if its relevant to things like financial/business sector or something where youth/drive/energy/ideas could give you a rocket-like career trajectory, then being bonded can cost you time.

But if you're in something like tourism (just borrowing from your STB option) then I imagine that you can do little better than be working in the govt agency that sponsored you for your studies. They will groom you in order to obtain returns from their investment.

Ultimately the choice is yours. You seem to value the freedom of choice after graduation. Just keep in mind that an overseas education's cost is several times more costly than a local one, and if you intend to work in the govt sectors, it does make a difference.