Being educated is the key to achieve a better future. But, not everyone is given the opportunity to enroll due to the high cost of education particularly in college level.
There are many ways to find financial assistance such as applying for scholarship grants. However, not all students are qualified for scholarship. Another way is to become a working student, but it’s quiet difficult to work and study at the same time. That’s why the last option that students seek is to apply for educational loan.
Fortunately, there are government-assisted education loans that help students in their school expenses. The SSS Education Loan is one of those options that students can avail.
Who can apply for SSS Education Loan?
This is one of the loan programs offered by SSS to its members or beneficiaries. Aside from the members, the spouse of the member, children, brothers, and sisters of the member can avail such loan.
Amount of loan
The amount of loan granted to applicants varies depending on the level of education.
- Technical/vocational course
A member or his/her beneficiary who want to enroll in a technical/vocational course for a minimum of 2 years are qualified to avail the educational assistance. The allowed loanable amount is Php10,000 per semester, or the actual amount of the tuition fees and miscellaneous fees.
- Degree course
For those applicant who will take a degree course can avail the maximum amount of Php20,000 per quarter term or semester.
This loan program is funded by the SSS and the National Government. If the loanable amount is not sufficient to cover the entire tuition and miscellaneous fees, it will be shouldered by the member or beneficiary.
Requirements for the SSS Education Loan
The applicant should secure and submit the following documents to the SSS office.
- SSS ID or two government issued IDs
- Completed application form
- Billing/Assessment statement from the school
- Proof of income or monthly salary; if the applicant is employed
- Affidavit or income or Income Tax Return; if the member/applicant is voluntary paying or self-employed
The government funded amount is 0% interest, but the SSS funded has 6% annual interest. The repayment term for a degree course is 5 years and the payment schedule varies as follows;
- Semestral courses – the payment schedule starts after 18 months or from the last release date of the fund.
- Trimestral courses – the borrower will pay the loan after 15 months from the last release date.
- Quarter term courses – the payment commences after 14 months and 15 days from the last release date.
For technical/vocational course, the loan is payable up to 3 years and starts after 15 months for trimestral courses and 18 months for semestral courses. If the member/borrower will not completely pay the educational assistance loan, the balance will be deducted from other benefit of the member.