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Bukas Review

For Filipinos, a good education is a prized possession. It is common among Filipino families that the only way to secure a good and steady job is to get a college degree, which they believe is the way out of poverty and the road to success.

Unfortunately, several issues with the Philippines’ educational system hinder the youth from getting a quality education, such as affordability. Higher education in the country follows the American model, with most universities and colleges operating as for-profit organizations. The Philippine government data reveals that there are 1,975 Higher Education Institutions (HEIs) as of 2020, and 1,729 of them are private colleges and universities.

Although public HEIs are available, they are congested, underfunded, and overstretched. This reality explains why most students prefer to study in private institutions and pay the tuition fee to receive a proper and better education rather than learn for free. But the thing is, a failure to pay for the tuition fees, assessment fees, and any of the miscellaneous expenses that private schools charge can disrupt their studies. For instance, students cannot take exams unless they settle their school fees.

Students who cannot afford the tuition fee are greatly disadvantaged. So to relieve the students’ problems associated with financial difficulties, there are loans that students can avail of to finance their dream education. Student loans will help them meet their pressing need to pay for educational expenses at any university and get the quality of learning they deserve.

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Written by: Piggyy

Verified by: Krisette C.L

Krisette C.L

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Krisette has been hustling online media industry since 2011. She's a copywriter, editor, and online media consultant.

Bukas - logo

Loan Amount

₱10,000 - ₱100,000
4.5/5
4.5/5

Piggyy Rating

Bukas

Loan Term

12 months

Est. APR

% 1,5/month

Loan Amount

₱10,000 - ₱100,000
Pros
  • Reasonable interest rates.
  • Can cover up to 100 percent of tuition fees.
  • Offers fast and easy application process.
Cons
  • Loans are only available to students currently enrolled in Bukas’ partner schools.

Company Information

 

Bukas Finance Corp. is one of the organizations that offer financial assistance to Filipino students who have been denied scholarships and grants. Bukas is a subsidiary of ErudiFy Group, Southeast Asia’s market leader in education financing. 

 

The name “Bukas” is a Filipino word that means “tomorrow” and was chosen to complement the company’s goal of encouraging Filipinos to build a better future by offering affordable tuition installment plans. The company is legally operating in the Philippines, and its headquarters can be found at 30F, Yuchengco Tower, 6819 Ayala Ave, Makati City. Their Securities and Exchange Commission (SEC) Company Registration number is CS201901691 with Certificate of Authority No. 1199.

 

Students interested in applying for a student loan from Bukas Finance Corp. can send an email at [email protected] and to any of the Bukas’ social media profiles listed on its website between 9:00 AM and  6:00 PM, Monday through Friday.  

 

Products and Services Offered

 

Tuition Installment Plans

Tuition fees, especially for private Universities, do not come cheap. Parents work so hard to ensure their children’s future by providing them with world-class education. Unfortunately, the tuition fee in the best universities does not come cheap. 

 

With Bukas Tuition Installment Plans, parents no longer have to worry about where to borrow money for their children’s education. In the same way, students can focus on their studies knowing that they can take their exams, purchase their school supplies and fulfill school requirements on time. 

 

Loan Features

Loan Amount: ₱10,000 – ₱100,000

Interest rate: 1.5% per month

Loan Term: 12 months

Origination Fee: 3% (Will be paid in the duration of the loan repayment, so borrowers need not worry about this amount getting paid upfront)

 

Eligibility & Requirements

  • Filipino citizen
  • At least 18 years old
  • Enrolled as an undergraduate or graduate student at one of Bukas’ partner schools
  • School ID 
  • Additional Requirements / Information
    • Guardian and his/her contact details (currently residing in the Philippines and at least 21 years old)
    • Guarantor (responsible for handling and taking care of the student’s payments)
    • Guarantor’s Proof of Income

Why Choose Bukas Finance

 

Reliable 

Being scammed is one of the reasons why Filipinos are discouraged from seeking a loan. However, with Bukas, students can be confident that all of their transactions are legal and comply with Philippine laws. 

 

To confirm the company’s legitimacy, borrowers can verify the Bukas’ Company Registration No. CS201901691 and Certificate of Authority No. 1199 are listed on the SEC website. 

 

Mobile-Only Applications

Like other loans, Bukas Finance Corp. uses technological advancements to speed up transactions. Borrowers only need to visit the company’s website, create an account, set up a profile and reach at least Profile Level 3, and provide all the information and documents needed on the application form. 

 

Applicants must provide additional information and reach Profile Level 5 to boost their chances of being qualified. 

 

Fast Disbursement 

Signing up for a loan with Bukas can only take up to 10 minutes of the applicant’s time, provided that all requirements are complete. The same is true for the tuition disbursement. Following the loan approval, the issuance of funds can happen within 24 hours from the time of approval. 

 

Several Partner Schools To Choose From 

Although Bukas student loans are only available to their partner institutions, there is a good range of universities to choose from, and the majority of them are every Filipino student’s dream school.

 

If the students are unable to find their desired schools from Bukas’ list of partners, they can fill out a form on the website, and Bukas will evaluate the possibility of partnering with the student’s preferred school.

 

How to Sign Up

 

Signing up with Bukas is very easy and completely online. Here are the steps that loan applicants can follow. 

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Visit the Bukas website and click the ‘apply’ button located in the upper right-hand corner of the home page.

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Click “Next” to proceed to the Registration page.

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Click “Register”.

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To find your school, enter the name of the school in the search bar and click on it. Your Student ID number will be required to be entered to proceed to the next step.

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Input your mobile number and set up your password then click “Next”. Make sure to never share your password with anyone.

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Carefully read the Terms and Conditions. Once done, click “I agree to the Terms and Conditions of Bukas” to proceed.

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The app will ask you how did you find or heard of Bukas. Select the most applicable answer for you, and then click on Submit. You will then proceed to your profile creation.

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Setting up the student profile will help Bukas verify the identity of the student applying for a Tuition Installment Plan.

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Scan and upload a valid ID. After that, take a selfie with your ID and click “Next”.

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Provide your personal information, email ID, school, and education program. Review the information provided and then click on Submit.

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Click “start verification”‘ for Bukas to commence verifying the information that was provided to them.

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Scan and upload the student’s valid school ID.

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Once done, the loan applicant can start applying for an installment plan or choose to do it later once all the requirements are complete.

Frequently asked questions

Who are the Partner Schools of Bukas?

Bukas has partnered with major colleges and universities nationwide:

  • Far Eastern University (FEU)
  • Mapua University
  • Our Lady of Fatima University (OLFU)
  • Centro Escolar University (CEU)
  • Malayan Colleges Laguna (MCL)
  • University of Nueva Caceras
  • PHINMA Education
  • Adamson University
  • Magsaysay Center for Hospitality and Culinary Arts
  • National Teachers College
  • Malayan Colleges Mindanao
  • Eskwelabs
  • Lyceum of the Philippines University
  • Emilia Aguinaldo College
  • Jose Rizal University
  • Saint Louis University
  • Universedad de Dagupan
  • Technological Institute of the Philippines
  • Uplift Code Camp
  • Avion School
  • University of Asia and the Pacific
  • SoFA Design Institute
  • University of the Visayas
  • De La Salle University
  • Panpacific University
  • Baliuag University
  • St. Paul University Quezon City
  • Enderun Colleges
  • De La Salle Medical and Health Sciences Institute
  • Cebu Institute of Technology – University
  • FEU Tech
  • University of Bohol
  • Philippine Women’s University
  • IE University
  • University of the East
  • Riverside College Inc. 
  • Centro Escolar Las Piñas
  • Saint Joseph Institute of Technology
  • Mapua Malayan Digital College
  • KodeGo
What valid IDs does Bukas accept?
  • Passport
  • Driver’s License (including Student Permits with official receipt)
  • Social Security System (SSS) Card (date of birth must be visible on the ID)
  • Professional Regulation Commission (PRC) ID
  • Postal ID (old postal IDs must have a photo of both front and back)
  • Unified Multi-Purpose ID (UMID)
  • National Bureau of Investigation (NBI) Clearance
  • National ID
  • Armed Forces of the Philippines (AFP) ID
  • Philippine National Police (PNP) ID
  • Bureau of Fire Protection ID
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Government Service Insurance System (GSIS) e-Card
  • OFW ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • Police Clearance Certificate or Police Clearance Card
  • Seaman’s Books
  • National Integrated Bar of the Philippines ID
  • Philhealth ID
  • Voter’s Certification
  • Voter’s ID
  • Barangay ID (Upload Front and Back View)
Can borrowers apply for a loan before the enrollment period?

As long as borrowers are eligible, they may apply for a loan before their school’s enrollment period if they plan to use the Bukas Tuition Installment Loan to pay for their current tuition balance.

 

If they are applying for a loan to pay their current tuition balance, they may submit their statement of account as one of the requirements. The borrower may get this document by reaching out to their school’s accounting or cashier office.

How many times can a borrower re-apply?

As long as they are eligible for Multiple Tuition Installment Plans, they can reapply for a third or even fourth installment plan. They will know that they qualify for another plan if their eligibility meter on their Bukas account reaches a good rating or higher than that.

How can borrowers pay for their monthly dues?

They can pay via GCASH, Paymaya, Unionbank over the counter, Unionbank online, official Bayad Center branches, and through over 3,000 DragonPay online or over-the-counter partner channels (BPI, BDO, Metrobank, RCBC, 7-Eleven, SM Dept. Store, Cebuana Lhuillier, M. Lhuillier, etc.).

Can borrowers get funding for the whole school year?

Yes, they can. They can apply for a new installment plan every term to get additional coverage. They simply have to make sure that they pay their monthly dues on time to qualify for multiple installment plans.

How can borrowers edit their (or their guarantor’s) profile information?

Borrowers can send Bukas an email at [email protected] to request edits on their profile information, and wait for the confirmation of the successful edit on the borrower’s profile. 

Can borrowers get additional coverage for the next term/semester even if they still have an existing Bukas Tuition Installment Plan?

Bukas is committed to helping the students complete their education and that means students who apply for an installment plan today can get additional coverage in the succeeding terms. They just have to make sure that they pay their monthly dues on time and apply early to avoid any delays.

Conclusion

 

Bukas Finance Corp. makes it possible for parents and even working students to manage their educational funds, which is highly beneficial during this economic crisis. With this kind of financial support given to the future leaders of this country, achieving their dreams is possible. Moreover, they will also become moneysmart, resulting in a financially informed and independent adults.

 

Students face many challenges every day, and having to also deal with financial difficulties will distract them from their studies, which is a scenario that parents would not want for their children. This makes Bukas an excellent avenue for parents to have access to affordable student loans while keeping their children focused on their studies and building a bright future.

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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