On August 23, 2019, SSS has announced on Facebook that the SSS Educational Assistance Loan Program will be available to their members. If a member is qualified he/she will be able to receive funds for school enrollment.
Who can apply for SSS Educational Assistance Loan:
- SSS member
- Husband or Wife of members
- Children of members
- Siblings of members who do not have a spouse
Here’s how to qualify as a member-borrower:
A member should have at most Php25,000.00 basic salary and should have at least 36 months of contributions. Wherein the six of those were posted in the last twelve months before filing the application. In addition, the payment of your housing and loans must be updated too if applicable.
How much can a member loan?
-Vocational/Technical Course (Maximum of Php10,000.00 per semester/trimester/quarter)
-College Degree Course (Maximum of Php20,000.00 per semester/trimester/quarter)
Guide on how to apply
- Visit sss.gov.ph
- Download and print the Application Form that can be found on the SSS website
- Fill up the Part 1 form
- Inform the Authorized Representative of the school know that the beneficiary is planning to enroll and Fill up part 3
- Go to the nearest SSS branch and bring valid ID’s, current school assessment, and billing assessment
- For first-timer applicants, bring proof of the relationship with the beneficiary such as a Birth Certificate, Marriage Contract, and proof of monthly salary
- Afterward, you can get the check from the SSS branch personally and use this to pay to the school of the beneficiary.
Other Conditions When Applying For Loan
It is a must that the beneficiary should enroll again within the 14 months if it is in a quarterly, 15 months if trimester and 18 months if semestral from the last Educ-Assist Loan Fee. If the beneficiary did not enroll again the loan will be consolidated and must reapply.
How And When To Pay The Loan?
For the Degree Courses and Vocational-Technical courses, it should be paid within 5 years. The term of the payment depends on what the member preferred. Scheduled Term is based on the principal loan while the Adjusted Term is based on the member’s age before the amortization.
For paying, use the Loan Payment Return Form (SS Form ML-1). You can pay in any SSS branch with a teller assistant at the counters. Keep in mind that it is a must to pay so that others can loan as well.
More Helpful Articles About SSS:
Guide on How to Apply for a Salary Loan
How To Apply For A Calamity Loan
SSS Calamity Loan Online Application | Loan up to Php 20,000
SSS Will Give Php 20,000 Cash Benefit to Those Who Lost Their Job
Be the first to comment