Members of the Social Security System (SSS) and Government Service Insurance System (GSIS) may avail of education loans from the government.
Under the EAFP, P4.2 billion will go to GSIS members. Members may borrow P4,000 at 6% interest, payable over a 5-year period for all their beneficiaries.
On the other hand, P7 billion will be allotted for SSS. Only SSS members with monthly salaries of P10,000 or less may avail of the loan. SSS members who will avail of the loan for their beneficiaries will be able to get P15,000 per semester.
However, all active GSIS members will be covered by the EAFP, regardless of monthly salary level.
SSS Educational Loan Requirements
- Should be an active member and having monthly salary of P10,000 and below.
- Loanable amount of P7,500 for Vocational/Technical courses per semester or P30,000 for 2 years.
- Loanable amount of P10,000 for 4-year course per semester or P80,000 for the whole 4 years.
- Just go to the nearest SSS branch or download and Fill up the application form for SSS Educational Loan.
- Bring your SSS ID, Beneficiary Tuition Fee receipt and other requirements that maybe needed.
- Only one beneficiary per SSS member.
- Beneficiary up to 60 years of age.
- An active member regardless of salary and length of service.
- Only one time availment of P4,000, no service charge fee.
- Educational loan run from May 2012 until December 28, 2012 only.
- Members may file over the counter (OTC) on any GSIS office and designated agency liaison officer.
- GSIS Educational download Forms.
Repayment of Educational LoanSSS - One year after the graduation of your beneficiary.
GSIS - Payable in 5 years with 6% interest per annum. Monthly payment is P20 through salary deduction and payment starts 3 months after the grant.