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.
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.