SSS offers higher educ-assist loans
THE Social Security System (SSS) has further liberalized the guidelines of its SSS Educational Assistance Loan Program or “Educ-Assist” to allow more college and vocational-technical (voc-tech) students to avail of the loan facility.
SSS president Emilio de Quiros, Jr. said members earning P25,000 and below per month are now eligible for Educ-Assist loans, replacing the former limit of P15,000.
“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 announced.
The loans, to pay for tuition and miscellaneous fees, are intended to help students from low-income families.
Further, the contribution requirement has also been relaxed to a minimum of 12 posted contributions, including at least one paid contribution within the past three months prior to the date of application.
Loan repayment starts one year after the beneficiary’s graduation or the date of last loan release.
Loan beneficiaries can be the SSS members themselves or their children, while unmarried members can designate their siblings, including their half-brother or sister.
More information and Educ-Assist application forms are available at the SSS website.
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