Only members earning up to P10,000 a month can dip into the Social Security System’s new P7-billion educational loan window.
"The program aims to boost the country’s socio-economic growth by developing a larger pool of competent professionals and skilled workers” said SSS officer-in-charge Edgar Solilapsi.
“It will also help workers upgrade their knowledge and skills to secure better jobs and provide a brighter future for their family," he added.
"The beneficiaries can be the SSS members themselves, legal spouses or children. Unmarried members can use the loan for the education of their siblings," Solilapsi said.
Members can take out up to P15,000 per semester or trimester for college courses and P7,500 for a vocational or technical course–which must be a degree program of at least two years or more.
Loan releases will be made payable to the school that is accredited by the Commission on Higher Education or the Technical Education and Skills Development Authority.
"The loan amount shall be funded on a fifty-fifty basis from the national government and SSS, said Solilapsi.
The SSS portion carries an interest rate of 6 percent a year based on diminishing principal balance until fully paid, while the government share has zero interest. —VS, GMA News
source:gmanetwork.com
