Want to study but don’t have enough money for it? Aside from checking out available grants and scholarships, you can also approach the Social Security System (SSS) to ask for help.
SSS offers the Educational Assistance Loan Program (EALP) for members and their beneficiaries wherein they are allowed to borrow money for educational purposes.
In a Rappler interview, Emilio de Quiros Jr, SSS president and chief executive officer (CEO) said that the program was even improved to allow borrowers to loan bigger amount. He said:
“Members can now borrow up to P20,000 per semester or trimester, up from the previous limit of P15,000 for college degrees. For vocational-tech course, we likewise increased the maximum loanable amount to P10,000 from P7,500 per semester or trimester.”
Who Are Eligible For The EALP?
SSS members with a monthly earning of P25,000 and below are eligible for the educational loan. Formerly, only those who earned P15,000 and below are permitted to apply for a loan which means more members will be able to take part of this program now. Also, the loan covers a wider scope of tuition and miscellaneous fees.
Married SSS members can designate up to two of loan beneficiaries while unmarried members may designate their siblings (which includes their half-brother or sister).
“It is now possible for a married couple, who are both qualified borrowers, to support the education of up to 4 children through (the EALP),” de Quiros clarified.
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The member should have at least contributed for a minimum of 12 months to SSS to be eligible.
How Much Money Can I Borrow?
The total amount of money you can borrow depends on what course you plan to take.
For vocational and technical courses (2 years minimum), borrowers can get as much as P7,500 per semester/trimester while those pursuing degree courses can loan as much as P15,000 per semester/trimester.
What Are The Requirements?
To apply for this program, the member should submit an SSS ID or two (2) valid IDs, a duly accomplished application form, and an assessment/billing statement issued by the school of the member/beneficiary.
For more information about the EALP, you can go check out the SSS website or visit the nearby offices in your area.
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