SAN FERNANDO CITY, La Union, Mar 24 (PIA) — Qualified members of the Social Security System who face difficulty in sending their children to school may get an educational assistance of up to P15,000 per semester.
Francis Pentecostes, SSS assistant branch head, said members with a monthly income of P15,000 may apply for the SSS educational assistance loans provided they have up-to-date payments of previous SSS loans and at least 36 monthly contributions.
The loan can be granted to the SSS member, his/her legal spouse or dependent children who wish to finish a complete four-year college education program or pursue vocational courses.
A member with a monthly income of P10,000 and below can also avail of the education assistance.
In case of single members, they can designate their siblings and other immediate family members as beneficiaries.
Students who will be pursuing degree courses can loan up to P15,000 while the technical vocational can be given up to P7,500 per semester.
Pentecostes said the SSS only requires the member to submit the enrollment form and receipt of tuition fee paid.
The loan program offers an easy payment scheme since payment will only start a year after the child graduates with an annual interest rate of only three percent.
According to SSS, members can repay the loan within five years for college courses and three years for voc-tech programs. (MCA/MHH PIA1 La Union)