The SocialSecurity System extended its hands to the growing concern of today’s high rising cost of education. The SSS revised some of its rules to accommodate more members to meet their financial needs for their schooling.
The SSSEducational Assistance Loan Program (Educ-Assist loans) now allows members earning P25,000 and below. Before, only those earning P15,000 monthly income or less are qualified for the loan program.
SSS President and C.E.O. Emilio de Quiros Jr. said that members can borrow up to P20,000 per semester or trimester, from the previous limit of P15,000 for college degrees. For vocational courses, the loanable amount was also increased from P7,500 to P10,000 per semester or trimester.
At present, a fund worth P7 billion has been allotted by SSS for its educational assistance program. The pension company said the loan must be used exclusively to pay for tuition and miscellaneous fees.SSS members can avail of the program for their children, while unmarried members can use it for their siblings, including their half-brother or sister.
A minimum of 12 posted contributions, including at least one paid contribution within the last three months prior to the date of application is required to avail of the loan program.