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What you need to know about education loans and the SSS

The best investment you can make in life is investing in your education.
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The best investment you can make in life is investing in your education. This can lead to better job offers and more chances to grab opportunities. College and vocational-technical course students can now expect to meet their financial requirements for enrollment as the Social Security System (SSS) further liberalized the guidelines of its educational loan facility called the SSS Educational Assistance Loan Program.


SSS President and Chief Executive Officer Emilio de Quiros, Jr. said members earning P25,000 and below per month are now eligible for Educ-Assist loans, replacing SSS’ former limit of P15,000 on the monthly income needed to qualify under previous guidelines.

 

"Members can now borrow up to P20,000 per semester or trimester, up from the previous limit of P15,000 for college degrees. For voc-tech courses, we likewise increased the maximum loanable amount to P10,000 from the previous cap of P7,500 per semester or trimester," he noted.

 

The P7-billion SSS Educ-Assist fund allotment consists of P3.5 billion in national government (NG) subsidy and P3.5 billion in SSS counterpart funding. The loans must be used to pay for tuition and miscellaneous fees and are intended to help students from low-income families.

 

Loan beneficiaries can be the SSS members themselves or their children, while unmarried members can designate their siblings, including their half-brother or sister. No substitution of beneficiary is allowed. Under the new guidelines, a married SSS member can now designate up to two loan beneficiaries, who can be the member himself or herself, his or her spouse or legitimate or illegitimate children. Unmarried members remain entitled to one loan beneficiary.

 


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