Government Student Loans in the Philippines

Who Offers Government Student Loans in the Philippines?

There are three government agencies that offer student loan programs for Filipino students: CHED, SSS and GSIS. Below are the student loan features, qualifications and requirements for students who wish to pursue their dream education. 

Commission on Higher Education (CHED) 

The Commission on Higher Education (CHED) offers The Unified Financial Assistance System for Tertiary Education Act (UniFAST), also known as Republic Act No. 10687. CHED offers the lowest interest on student loans and even waives it if the loan is paid within the semester that it was borrowed. 

Loan Amount: up to Php60,000

Interest: 0% if the loan is fully paid on or before the end of the semester and 6% if the loan is not fully paid by the end of the semester

Repayment Period: 12 months or 1 year

Qualifications

• Filipino undergraduate, graduate, medicine, and law students 
• Currently enrolled in public and private universities in the Philippines listed in CHED’s Registry of Institutions and Programs such as:
  • State Universities and Colleges (SUCs)
  • CHED-recognized local universities and colleges (LUCs)
  • Private higher education institutions (HEIs) listed in the Registry of Institutions and Programs

Requirements

• Three copies of accomplished SLPTE-ST Application Form
• Photocopy of the applicant’s Certificate of School Registration
• Parents’ or applicant’s (if employed) income tax return (ITR), payslips, Certificate of Employment, audited financial statements, or other proof of family income
• Co-maker’s ITR or other proof of family income
• Photocopy of the co-maker’s valid government-issued ID
• Photocopy of the applicant’s school ID
• Two 1×1 ID photos of the applicant and co-maker

Social Security System (SSS)

SSS’ student loan offer is called the Educational Assistance Loan Program (EALP) available to the beneficiaries of SSS members. For every member, only one beneficiary can be provided with the EALP and will not include beneficiaries who have college scholarships. 

The beneficiaries of SSS members refer to their child, their legal spouse, or their sibling (for unmarried members only), or themselves. 

Loan Amount: 

• Maximum of PHP 20,000 per semester for a four or five year degree courses
• Maximum of PHP 10,000 per semester for two-year technical / vocational courses

Interest: 6% per year

Repayment Period: 

• 3 years for technical or vocational courses
• 5 years for degree courses

Qualification

• SSS members who are below 60 years old
• Must have a monthly basic salary or income of P25,000 or below
• At least 36 posted monthly contributions (six of which should be posted within the last 12 months prior to the month of filing of EALP Application)
• Up-to-date in the payment of their salary, housing, and other member loans amortization

Requirements

• Filled out and signed SSS Educational Loan Application Form
• Member-borrower’s SSS ID or 2 valid IDs
• Assessment or billing statement from the school
• Photocopy of the stamped SSS E1 form of your child, spouse, or sibling (beneficiary must have an SSS no.)
• Proof of income which can be one of these documents:
  • Payslip (original and photocopy), if employed
  • Pay envelope (original and photocopy), if employed
  • Certification of Income from Employer if employed
  • Latest BIR-stamped ITR if self-employed
  • Notarized Affidavit of Income

Government Service Insurance System (GSIS)

The student loan program offered by GSIS and is available to up to 2 beneficiaries of the member who is currently enrolled in tertiary education to public or private schools in the Philippines is called the Education Loan Program. 

Loan Amount: up to Php100,000 per school year

Interest: 8% per annum

Repayment Period: 10 years with a grace period of 5 years

Qualifications

• GSIS members with permanent status and at least 15 years in government service

Requirements

• Education Loan Application Form
• Tuition Assessment Form/Enrollment Form
• Copy of School ID with 3 signatures of the student or any ID bearing birth date, picture, and signature

Conclusion

Students and parents who yearn to finish their college education should not worry about not being able to complete their education because the government has a lot of student loan programs to help families with the financial aspect of getting a degree at an affordable rate.