Private school students in need of financial assistance due to the coronavirus pandemic can now borrow up to P150,000 from state-run Land Bank of the Philippines (Landbank).
Landbank’s Interim Students’ Loan for Tuition toward Upliftment of Education for the Development of the Youth (i-STUDY) program will allow parents, guardians, or benefactors of students in private schools, or the students themselves, to borrow cash equivalent to one school year or two semesters.
Loans under the i-STUDY program, which cannot exceed P300,000 per borrower, have a fixed interest rate of 5% per year.
"Short-term loans payable within one year are available for preschool, primary, and secondary school students under the program, while term loans payable up to a maximum of 3 years, inclusive of a one-year grace period on the principal amount, are available for tertiary level students," the Department of Finance said in a statement.
For parents, guardians, or benefactors, these are the requirements:
For students who intend to take out a loan, they must not exceed 30 years old, must not be a beneficiary of any scholarship, and must secure a certificate of good moral character from their school.