How To Apply For SSS Educational Assistance Loan

No one can deny that gaining education is the  key to a better future.

But with the very high cost of education, not everyone can really afford it.

There are many options for a student to actually finance their education. One can apply for scholarship grants, but we must say that not everyone can qualify for scholarship. Another option that a  is to become a working student, although this might not always apply because in order to get a good job, a person needed to have degree or certificate for their skill or training. 
Many are actually looking for educational  loan or student loan. Good thing, there are some government assisted education loans available, just like the Educ Assist Loan offered by Social Security System (SSS). . 

Who Can Benefit The Educational Assistance Loan of SSS?

SSS members or his/her beneficiaries can avail EducAssist Loan. The beneficiaries can be the SSS member; the spouse (wife or husband of SSS member); child of SSS member; brother or sister of SSS member. 

Beneficiaries are defined as follow:

• 1. Member-borrower, legal spouse, child of SSS member (including illegitimate) and sibling of unmarried SSS member (including half-brother/sister). 
• 2. Married member-borrowers are allowed to avail up to two (2) beneficiaries who shall be any of the following: member himself/herself, his/her spouse, his/her children (legitimate or illegitimate). 
• 3. No substitution of beneficiary shall be allowed. 

Can I Apply For Education Loan If I have Existing Salary Loan or Housing Loan ?

As long as the SSS member is up to date in his/her monthly payment for the loan she can apply for EducAssist. 

How Much Can I Loan? 

The amount of loan depends if you are taking a degree course or vocational. 

AMOUNT OF LOAN 

Degree Course - Maximum of Php20,000 per semester/trimester/quarter term or actual tuition/miscellaneous fees, whichever is lower, rounded off to the next higher Php100. 

Vocational/Technical Course (minimum of 2 years) – Maximum of Php10,000 per semester/trimester or actual amount of tuition/miscellaneous fees, whichever is lower, rounded off to the next higher Php100. 

The loan shall be funded by National Government (NG) and SSS on a 50:50 basis. Any excess on the tuition fee and miscellaneous expenses shall be borne by the member/beneficiary

What is the interest rate for the loan?

There is 0% interest for the amount funded by the government. And 6% annual interest for the amount funded by SSS

How Do I Apply For The SSS Education Loan?

The following requirements needed to be accomplished and submitted to SSS:

1. SSS ID or two (2) valid IDs.  

2. Accomplished application form. Click here to download form 

3. Assessment/Billing statement issued by the school of member/beneficiary.  

4. Proof of monthly salary/income : pay slip or pay envelope or employer's certification (For Employed). 

Member-borrower whose last posted Monthly Salary Credit (MSC) is Php15,000 or below, provided that his/her actual monthly basic salary or income is not more than Php25,000; member-borrower who falls under MSC of Php15,000, must present proof of actual monthly salary/income of not more than Php 25,000.

5. Income Tax Return or affidavit of income (For self-employed/voluntary paying). 

How long do I have to repay my education loan in SSS?

Degree Course - The term is up to five (5) years and loan payment shall start after 18 months for semestral courses, 15 months for trimestral courses or 14 months & 15 days for quarter term courses 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 three (3) years and loan payment shall start after 18 months for semestral courses or 15 months for trimestral courses 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.

It is important also that 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.

You might also want to read: 
How To Apply CHED Study Now Pay Later 

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CHED Offers Study Now Pay Later Program For Students

One of the many challenges of parents and students is the very high cost of post-secondary or college education. In 2015, according to the Executive Director of CHED, Atty. Julito Vitriolo, the participation rate of students who enter college is only 26%. And in order to help the many students who cannot afford college education, the Commission on Higher Education is offering a loan where students could have the chance to study and pay later, about two years after finding an employment.

Qualified students can avail as much as Php 15,000 per annum or Php 7,500 per semester. Initially the student who plans to apply for the Study Now Pay Later Program or SNPLP has to choose the college first and seek admission, once admitted to the college or university an application can be made and submitted to the Regional Office of CHED.
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After finishing college, the terms of payment for the loan could be in lump-sum (no interest) or it could also be installment (subject to interest), and can be negotiated with CHED but interest should not be more than 6% per year.

“Any loan granted under the Section shall be paidby the student-debtor after he has finished thecourse or profession for which the proceeds of theloan was expended, but only after a period of two(2) years from the time he has acquired anemployment: provided, however, that interest at therate of not more than six percent (6) per annumshall accrue to the balance thereof”

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hereunder is the interpretation of the above subject by CHED Legal Service: 

1. The student is a debtor to CHED for the amount of loan that he or she availed of under the SNPLP Program. 

2. The loan should have been spent to enroll in a degree program or profession. 

3. The student should have graduated from the degree program enrolled in. 

4. The student-debtor is obliged to pay CHED the amount of loan availed of only two (2) years after acquiring an employment. If he/she has not acquired gainful employment, then the period of two (2) years does not even begin to run. 

5. The interest shall accrue only after the conditions mentioned in Nos. 1 to 4 above have been met, or actually exist. In this case, the period of repayment will actually commence even if the student is subsequently not able to sustain that job and becomes unemployed again. 

6. The student-debtor may pay directly to any CHED Regional Offices or to the CHED Central Office through the Office of Student Services 

WHAT ARE THE REQUIREMENTS TO APPLY FOR THE PROGRAM?  

1. Must be Filipino citizen.

2. Parents income must not exceed Php 300,000 per annum. 

3. Applicant should not be receiving any other government incentive like scholarship or other student loan.

4. Student must be entering college or is a college student. 

To apply for the Study Now Pay Later Program or SNPLP loan, students may submit their application to CHED's Regional Office.

CHEDRO I  (chedro1@ched.gov.ph)	CHEDRO VIII  (chedro8@ched.gov.ph)
MS. CHERRIE MELANIE ANCHETA -DIEGO	DR, MAURA CONSOLACION D. CRISTOBAL
Director IV	Director IV
Government Center, Brgy.Sevilla, City of San Fernando, La Union	cor. Real St. and Calanipawan Rd., Sagkahan, Tacloban City
Telefax. (072) 242-2750	Telefax: (053) 325-8579
Tel. (072) 242-0238  242-5017	Smart (0998) 356-4335  Globe (0915) 776-4154
CHEDRO II chedregion02@gmail.com	CHEDRO IX  (chedro9@ched.gov.ph)
Dr. TEOTICIA C. TAGUIBAO	DR. JUANITO R. DEMETRIO
Director IV	Acting Director IV
Regional Development Center, Carig,Tuguegarao City, Cagayan	Polytechnic Compound, Baliwasan Chico, Zamboanga City
Telefax: (078) 396-0651	Tel. (062) 991-76-48  991-7084     Fax. (062) 991-7649
CHEDRO III  (chedro3_sfp@yahoo.com)	CHEDRO X
DR. CARIDAD O. ABUAN, CESO III	DR. ZENAIDA G. GERSANA, CESO III
Director IV	Director IV
Regional Gov’t. Center, Maimpis, City of San Fernando, Pampanga	Mon James Hayes St., Brgy. 40, Cagayan de Oro City
Director’s Office: (045) 455-1662	Tel. (0882) 856-4380  /  271-1231
Technical: (045) 436-1846    Administrative: (045) 436-1847	Telefax. (0882) 272-4180
CHEDRO IV-A	CHEDRO XI  (chedro11@ched.gov.ph)
DR. EMMYLOU B. YANGA	DR. RAUL C. ALVAREZ, JR., CESO III
Director IV	Acting Director IV
2nd Flr., HEDC Bldg. C.P. Garcia Avenue, Diliman, Quezon City	Loyola St., Bo. Obrero, Univ. of Southeastern Phil. Compound, Davao City
Tel. (02) 332-4734	Telefax. (082) 295-3418 / 282-4448
CHEDRO IV-B	CHEDRO XII  (chedro12@yahoo.com)
DR. VIRGINIA D. AKIATE, CESO III	DR. MAXIMO C. ALJIBE, CESO III
Director IV	Director IV
2nd Flr., HEDC Bldg. C.P. Garcia Avenue, Diliman, Quezon City	Regional Center, Brgy. Carpenter Hill, Koronadal City
Tel.  (02) 386-4781	Tel. (083) 228-1127      Fax. (083) 228-1130
CHEDRO V  (ched.region5@gmail.com)	CHEDRO NCR
DR. GEORGE M. COLORADO, CESE	DR. LEONIDA S. CALAGUI, CESO III
Acting Director IV	Director IV
CHEDRO Building, EM’s Barrio South, Brgy. 2, Legaspi City	2nd Flr., HEDC Bldg. C.P. Garcia Street, Diliman, Quezon City
Tel. (052) 481-5096      Fax. (052) 481-5095	Tel. 468-0213  /  441-0879  /  441-0985  /  441-1224  /  441-0453
CHEDRO VI  (chedro6@yahoo.com)	CHEDRO CAR  (chedherocar@yahoo.com)
Dr. CESAR H. MEDINA, CESO V	Dr. ROMULO H. MALVAR, FFCP, CESE
Director IV	Officer-In-Charge, Office of the Director IV
#12 Washington St.,Jaro,Iloilo	KM6 Cabanao, Balili, La Trinidad, Benguet
Telefax. (033) 320-6976  Tel. (033) 329-5955  /  508-8852	Tel. (074) 422-4052      Fax: (074) 422-2418
CHEDRO VII  (chedro7@ched.gov.ph)	CHEDRO CARAGA (chedcaraga@gmail.com)
DR. FREDDIE T. BERNAL, CESO III	DR. MARICAR R. CASQUEJO
Director IV	Director IV
National Government Center, Sudlon, Lahug, Cebu City	Caraga State University (CSU) Main Campus, Ampayon, Butuan City
Tel.(032) 414-9195 / 414-9194	Telefax (085) 342-7765  /  342-5253 (Admin.)
	Tel. (085) 815.3699 / 815-3698

©2016 THOUGHTSKOTO