SSS increases education assistance loan
THE Social Security System (SSS) has eased the guidelines of its educational loan facility and increased the amount that members can borrow.
Under the new rules for the SSS Educational Assistance Loan Program or “Educ-Assist”, members earning P25,000 and below per month are now eligible for Educ-Assist loans, replacing the former limit of P15,000.
Loan amounts are also higher with, said SSS President and Chief Executive Officer Emilio de Quiros, Jr.
“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,” De Quiros said.
The loans, intended to help students from low-income families, must be used to pay for tuition and miscellaneous fees and are.
Loan beneficiaries can be the SSS members themselves or their children for married couples, while unmarried members can designate their siblings, including half-brothers or sisters.
The college that the beneficiary will enroll in must be accredited by the Commission on Higher Education while the voc-tech course must be at least a two-year program recognized by the Technical Education and Skills Development Authority.
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