SSS Educational Assistance Loan Program

10 May

When I read on Twitter about this, I was like WOW! It’s quite huge, P15,000. But when I examine the terms and conditions, my energy subsided hahaha. I am not eligible :( Don’t ask why, hehe. Pity me. I will have to look for another source of loan or educational assistance. God will provide! :-)

Download the form here.

 

Read the TERMS and CONDITIONS of SSS Educational Assistance Loan Program

I. ELIGIBLE BORROWERS

 1. SSS Members who have paid at least 36 monthly contributions, three (3) of which should be within the last 12 months prior to the date of application for loan;

2. Members whose last posted Monthly Salary Credit (MSC) is Php10,000 or below; and

3. Members who are up-to-date in the payment of salary/housing loan amortization. If with overdue amount, it must not exceed 3 monthly loan amortization

II.  COVERED BENEFICIARIES

Member, legal spouse, child of SSS member (legitimate/illegitimate) and sibling of unmarried SSS member (including half-brother/sister).

III.  AMOUNT OF LOAN

Degree - Maximum of Php15,000 per semester/trimester or actual tuition/miscellaneous fees, whichever is lower, rounded off to the next higher Php100.

Vocational/Technical (minimum of 2-year course) – Maximum of Php7,500 per semester/trimester or actual tuition/miscellaneous fees, whichever is lower, rounded off to the next higher Php100.

A member shall be allowed to avail only once to defray educational expenses. No substitution of beneficiary shall be allowed.

All semestral/trimestral releases shall be consolidated at the end of the one-year grace period after completion of the course, including the accrued interests from the actual dates of releases up to the date of consolidation. The consolidated amount shall be the principal loan to be amortized over the preferred term.

IV. INTEREST RATE AND PENALTY

1.  The consolidated loan (composed of semestral/trimestral releases plus accrued interests) shall be charged 6% per annum, based on the diminishing principal balance until full payment of the loan.

2.  A 1% penalty per month shall be charged for any unpaid amortization.

V. REQUIREMENTS

1.  SSS ID or two (2) valid IDs.
2.  Accomplished application form.
3.  Assessment/Billing statement issued by the school of member/beneficiary.

Any excess on the tuition fee and miscellaneous expenses shall be borne by the member/beneficiary.

VI. MANNER OF RELEASES

1.  The check shall be payable to the school where the member/beneficiary is enrolled/applied for enrollment and shall be released to the member/beneficiary.
2.  Subsequent loan releases shall be made upon submission of another accomplished application form and corresponding assessment/billing statement from the school. Validation by the SSS may be done to ensure the continuous schooling of the member/beneficiary.

VII. REPAYMENT TERMS

Degree Course – The term is up to 5 years and loan payment shall start after 18 (semestral)/15 (trimestral) months from the scheduled last release date or from the date of last release for those who will not avail of the subsequent releases.

Vocational/Technical Course – The term is up to 3 years and loan payment shall start after 18 (semestral)/15 (trimestral) months from the scheduled last release date or from the date of last release for those who will not avail of the subsequent releases.

Any unpaid educational assistance loan shall be deducted from the future benefit of the member.
 

VIII. ELIGIBLE SCHOOLS

The school must be accredited by the Commission on Higher Education for degree courses and Technical Education and Skills Development Authority for vocational/technical courses.
 

IX. MISCELLANEOUS CONDITION
The SSS reserves the right to require additional documents as deemed necessary.

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10 Responses to “SSS Educational Assistance Loan Program”

  1. Mishrav.Mikura May 10, 2012 at 10:26 am #

    It seems my mom won’t qualify for this too. *sigh*
    Yes, God will provide, when we least expect it. :)

    • Precious West May 11, 2012 at 2:13 am #

      I think many won’t qualify because of the #2 eligibility which is the P10,000 or below salary.

      • Mishrav.Mikura May 11, 2012 at 2:41 am #

        Yeah, even if I submit a certification of indigency, it still wouldn’t be :/

  2. leih ann calilung May 19, 2012 at 6:39 am #

    kahit 11,000php lang ang salary hnd pa rn qualified? walang consideration? kc more or less ang net earnings ko nsa 9+k nlang…

  3. kim diaz July 10, 2012 at 7:58 am #

    who will pay my mother or after i graduated, ??

  4. Fahad Ibrahim Agege September 23, 2012 at 3:35 pm #

    I think no body is perfect…

  5. janette nadela October 5, 2012 at 11:25 am #

    hi im janette nadela from cebu city,,i applied for educational loan last july 20 ,2012 and unitl now wala pa rin ,,so i went to SSS this aftrnoon to follow up,,,,i was shocked because the loan was granted last july 26,2012 pa but it was mailed to a different school but bearinfg my son’s name,,,,what can you about this?????????????

  6. Nikka December 14, 2012 at 8:45 am #

    ano po ung ilalagay sa “OFICIAL DESIGNATION” dun s form ng educational assistance form?

  7. v. lee June 29, 2013 at 3:59 am #

    I think SSS should revised this coz many will not be qualified. This educational assistance must render service to many especially the poor and those who can’t afford to go to school!!!

  8. marie grace August 28, 2013 at 12:26 am #

    can I still apply as a scholar if I will use the pension of my granma ? She’s a member of SSS..

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