Nearly 50 thousand college students were about to have stopped going to school last year within the Covid-19 outbreak. The majority of individuals who may not have enrolled last year criticized the economic recession, claiming that most of the parents have lost their professions. But now, there is no excuse for any student to be late this year as you have options to finance your college learning.
It doesn’t matter if you are a school student or a parent because now is the opportunity to apply for a school student loan in the Philippines. This can assist individuals who want to continue their studies despite the financial problems caused by the recent outbreak. Student loan providers in the Philippines can now assist financially affected families more than ever. School going undergraduate students who have been initially not accepted for any kind of grants and scholarships can use student loans to pay for gadgets, tuition fee, school items, and other homeschooling expenditures such as internet access. So, read on to learn some of the top 10 student loan providers in the Philippines.
1.SSS LOAN PROGRAM
The members of SSS can lend money to pay fees for their beneficiaries’ education under the Educational Assistance Loan Program (EALP). For each member borrower only one beneficiary EALP is permitted. Receivers can be the money borrowers themselves or their legal spouse, child, or any sibling (this is for single members only) as long as they are not full day scholars receiving free tuition and other school costs. They should be registered in any category of undergraduate course given by colleges accredited by Tesda, the Philippine’s Civil Aviation Authority, Ched, and any other government body.
Under the Act of Unified Financial Assistance System for Tertiary Education, the Commission for Higher Education’s student loan provider program is known as the “Tertiary Education Subsidy”. The Republic Act 10687 which provides a financial assistance program for tertiary education, is another name for this program. Furthermore, the UniFAST law covers two types of education assistance that is special purpose education assistance and tertiary education.
3.PAG-IBIG MULTI-PURPOSE LOAN
The Pag-IBIG Multipurpose Loan assists money borrowers in meeting a variety of economic needs, including education and other fees for their beneficiaries. A check is used for the debtor’s disbursement card to release the loan amount. Their annual interest rate is 10.5 percent. You can receive up to 80 percent of a Pag-IBIG member’s usual savings.
For members who need to get a loan for their children, nephew, or niece’s school fees, GSIS offers two student loan programs. Repayments do not commence until the 6th year after the loan has been approved, when the debtors have completed education and started to work.
To apply, you can call GSIS’s hotline number, or you can visit its official Fb page to learn more about its computer loan and education loan options.
This is a LANDBANK student loan provider that was newly introduced to assist fathers who are unable to fund their kids’ education because of pandemic-related issues or unemployment. Under the I-STUDY program, LANDBANK provides two types of student loans. The first one is for tuition paying whereas the other is for technological devices that can be utilized in online distance learning.
The device loan with a loanable sum limit of PHP 50 thousand has recently been offered by LANDBANK. This can be included into the loan amount limit of PHP 3 lac for parent-debtors and loan amount limit of the PHP 1.5 for all student debtors.
BPI credit cardholders can use their cards to pay for tuition on a monthly basis. There’s no need to go to the bank and submit any documents or do any lengthy form filling process. This loan can be used to cover other school-related costs along with tuition fees.
You can apply by simply paying for tuition at their accredited institution using your BPI credit card. Your monthly amortization will be billed to you up to 1 year, depending on the loan option you choose.
Citibank has a lower interest individual loan with affordable sum periods and a big limit of total loan. In some cases, applications might be approved within 24 hours. Their personal loan is best for taking loan money for tuition payments for college. Foreign and Filipino citizens in the Philippines aged from 21 to 60 with a credit card, TIN, and a minimum gross yearly income of PHP 2.5 lac are eligible to apply for this program.
Bukas is a Securities and Exchange Commission (SEC)-licensed school financing company that offers student loans to Filipino college students. Bukas student loans are available to students at associate schools such as Mapua University, CEU, and the FEU of the Philippines.
This tuition loan can be obtained quickly by applying online that takes 1-3 days to process. It’s also convenient when it is about repayments as applicants have 30 days to begin repaying their loan after applying for this.
InvestEd is a social company that is registered with the Securities and Exchange Commission (SEC) as a lender. Payments of tuition, purchases of gadgets such as tabs, laptops, and cellphones for online classes, allowance account, and payments for thesis-related expenses are among the four categories of student loans available.
Moreover, InvestEd makes education loans more accessible through simple online application flexible payment options. Student lenders have the option of repaying their loans soon or after their graduation. Moreover, it is the Philippines’ only loan program that includes a coaching option for debtors.
Inclusive Financial Technologies, Inc. manages Blend PH which is a peer-to-peer online funding platform. Every Filipino’s financial needs are met by them across the country. They keep their commitment of making all Filipinos’ aspirations come true through