Things That Make My Day

Things That Make My Day
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Tuesday, September 25, 2012

Educational Assistance Loan Program

if you havent applied yet, you may still apply
this was mentioned in an earlier post,  here are the full details:

Funding:
National Government and SSS, equal sharing.

Eligible Borrower-Members::
  • must have paid at least 36 monthly contributions, 3 of which should be within the last 12 months prior to the date of loan application
  • must have as the latest posted monthly salary credit (MSC) at most 12000.
  • must have up-to-date loan payments in all other loans, or at most only a 3-month overdue -  this is a courtesy since some members pay their contributions and loan payments quarterly

Covered Persons:
  • member
  • legal spouse
  • child of member (legitimate or illegitimate)
  • sibling of unmarried member (included half-brothers/half-sisters)

Loan Amount:
  • degree course - maximum of 15,000 per semester/trimester OR actual tuition/miscellaneous fees, whichever is lower , rounded to the next higher 100 peso.
  • vocational/technical course (minimum of 2 years) - maximum 7,500 per semester/trimester OR actual tuition/miscellaneous fees, whichever is lower , rounded to the next higher 100 peso.

Special provisions:
  • a member shall be allowed to avail only once, that is, one person and no substitution is allowed.
  • semestral/trimestral releases shall be consolidated at the end of a 1-year grace period after completion of course, including the accrued interest from actual dates of releases up to the consolidation date.  the consolidated amount shall be the principal loan amount to be amortized over the term.

Interest Rates and Penalties:
  • National Government share - no interest
  • SSS share - 6% per annum, based on diminishing principal balance until the loan is fully paid.
  • 1% of principal amount per month for any unpaid amortization

Requirements for Applicatiion:
  • SSS ID or 2 valid IDs
  • Accomplished Application Form
  • School Assessment

Manner of Releases:
  • Check shall be made to the school and shall be released either to the member or the covered person.
  • subsequent releases shall be made upon submission of another application and the school's corresponding assessment
  • SSS will validate the schooling of the covered person

Repayment Terms:
  • degree course - term is up to 5 years and loan payment shall start after 18 months for semestral courses OR after 15 months for trimestral courses from the last scheduled release date or from the date of last release for those who will not avail of subsequent releases.
  • vocational/technical course - term is up to 3 years and loan payment shall start after 18 months for semestral courses OR after 15 months for trimestral courses from the last scheduled release date or from the date of last release for those who will not avail of subsequent releases.

any unpaid educational loan shall be deducted from the future benefit of the member

Eligible Schools:
  • degree courses - must be accredited by Commission on Higher Education (CHED)
  • technical/vocational - must be accredited by Technical Education and Skills Development Authority (TESDA)

Other Provisions:
  • an SSS number will be issued to a non-member covered person for tracking
  • SSS may require additional documentation as deemed necessary






























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