Wednesday, May 2, 2012

How to APPLY for SSS, GSIS Educational Loan - Requirements and Repayment

SSS Educational Loan 2012
Do you want to study or send your child, brother/sister or even your spouse to college this school year 2012 and don't have enough funds for school tuition fee?

Social Security System (SSS) members through Educational Assistance Fund Program (EAFP) may borrow P7,500 - P15,000 per semester of educational loans for education of their beneficiaries.

Of the 11.2 Billion Funds for EAFP, 7 Billion will be allotted for SSS and the rest to GSIS Education Loans or 4.2 Billion pesos. Excess funds from Department of Budget and Management worth 5.5 Billion and counter contribution from SSS and GSIS funded the EAFP.


SSS Requirements for Educational Loan

1. Active member with at least 36 months contributions, having monthly salary credit of P12,000 and below and with 3 MONTHLY premiums in the past 12 months.
2. Loan of P7,500 for Vocational/Technical courses per semester or P30,000 for 2 years.
3. Loan up to P15,000 for 4-year course per semester or trimester or a total of P120,000 (per semester) and P180,000 (trimester) for the whole 4 years.
4. Go to you nearest SSS branch and Fill up Application form for SSS Educational Loan.
5. Bring your SSS ID, Beneficiary Tuition Fee receipt and other requirements that maybe needed.
6. One beneficiary per SSS member. Beneficiary up to 60 years of age.
7. Loan release is payable to school for tuition and miscellaneous fees ONLY. School must be CHED and TESDA accredited.
8. Please visit SSS for Educational Loan Download Forms.

Updates: SSS Loan are increased from P15K to P20K for 4 years course and from P7.5K to P10K for VocTech courses. For contribution requirements, it is lowered from 36 months to 12 months and should be 1 month active prior to application.


GSIS Requirements for Educational Loan

1. Active member regardless of salary and length of service.
2. One time availment of P4,000 and no service charge fee.
3. Educational loan run from May 2012 until December 28, 2012 only.
4. Members may file over the counter (OTC) on any GSIS office and designated agency liaison officer.
5. Please visit GSIS for Educational Loan Download Forms.


Repayment of Educational Loan

SSS - Payable in 5 years for 4-years course and 3 years for Vocational/Technical course and payment starts 18 months after the grant. Loan amount will have 6% interest per annum.

GSIS - Payable in 5 years with 6% interest per annum. Monthly payment is P20 through salary deduction and payment starts 3 months after the grant.


Note: Kindly please visit SSS and GSIS website for updated info.

Source:
ABSCBN News

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