Land Bank of the Philippines offers P150, 000 educational loan program which will allow the student with the parents or guardians assistance to borrow for their tuition fees and other school fees.
The educational loan named the Interim Students’ Loan for Tuition toward Upliftment of Education for the Development of the Youth (i-STUDY) will help parents to send their kids to school.
“This program will not only help families who have kids they want to send to school but will also assist private schools and downstream industries to sustain and continue their operations,” LandBank president and chief executive officer Cecilia Borromeo said.
The maximum allowable loan amount will be P150, 000 per student, and not more than P300, 000 per borrower, according to LandBank.
The loan will have a 5% interest rate per annum, fixed for the entire term. Penalties will be at 24% per annum.
LandBank will release the loans lump sum and will be credited directly to the account of the school and not to students.
To qualify on the said offer, parents/guardians must have a combined net take-home pay after loan amortization of P20,000 per enrolled student.
Aside from it, students must not be over 30 years, an incoming student qualified under the admission and retention requirements, and under schools or technical vocational institutions recognized by CHED or TESDA or DepEd.
The applicant must not be a beneficiary of the Universal Access for Quality Tertiary Education Act of 2017, or any scholarship at present.