The Trade Union Congress of the Philippines said in a press release yesterday that it welcomes the move by the Social Security System to change its guidelines on educational assistance program.
“This is a new development. Now the working Pinoys will have a bigger loanable amount and flexible payment terms,” TUCP’s Roland de la Cruz, said in the press release.
SSS president and chief executive officer Emilio de Quiros Jr. had announced that members earning P25,000 and below per month are now eligible for Educ-Assist loans, replacing the previous monthly 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,” he said.
The loans must be used to pay for tuition and miscellaneous fees and are intended to help students from low-income families, de Quiros had said.
For vocational-technical courses, SSS increased the maximum loanable amount to P10,000 from the previous cap of P7,500 per semester or trimester.
Loan repayment will start one year after the beneficiary’s graduation or the date of last loan release.
Borrowers for college degree programs have five years to repay the loan, while those who borrowed for voc-tech courses are given three years.
SSS has allotted P7 billion for the Educ-Assist fund, consisting of P3.5 billion in national government subsidy and P3.5 billion in SSS counterpart funding.
“I’m optimistic that this program will allow our working parents to send their children to better schools for better education,” De la Cruz said.*