Mr Teo Tian Chong, an economics major from SMU will be spending his next semester at Nanyang Technological University (NTU). To the 23-year-old, the local programme is attractive partly because only credits, not grades, are transferred back to his university. Exchange programmes among local universities are in huge demand, with students clamouring to spend a semester in one another's universities. The number of applications for the Singapore Universities Student Exchange Programme has surged since it was started in 2001.