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Apr
26
2013

Need Educational Assistance? Avail SSS Educational Loan

 

Social Security System (SSS) members who are earning P25, 000 or less from are now eligible to avail Educational Assist (Educ-Assist) loan program of the government unit. SSS aims to assist its members’ financial support for their or his/her family member’s education.

 

Aside from increasing the salary cap of borrowers, SSS also increases the loanable amount per semester from P15,000 to P20,000 for college degrees. For vocational-technical courses, SSS raises its maximum amount to P10,000 from the previous cap of P7,500.

 

Members  with a minimum of 12 posted contributions, including at least one paid contribution within the past three months prior to the date of application are eligible to borrow. Moreover, members without any contribution for the past three months can pay and present the proof of payment to SSS.

However, SSS reminded that the loan proceeds must be used to pay tuition fees and miscellaneous fees only.  SSS will automatically send the payment to the school where the loan beneficiary is enrolled.

Per guidelines, loan beneficiaries can be the SSS members themselves or their children. Unmarried members can designate their siblings, including their half-brother or sister. No substitution of beneficiary is allowed.

Under the new guidelines, a married SSS member can now designate up to two loan beneficiaries, who can be the member himself or herself, his or her spouse or legitimate or illegitimate children. Unmarried members remain entitled to one loan beneficiary.

Application forms for the Educ-Assist loan program are available at the nearest SS branches. These may also be downloaded from the SSS website at www.sss.gov.ph.

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Published in: OFW News


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