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:
- Filipino citizen of legal age and with established repayment capacity.
- A co-borrower is required if the principal borrower is more than 60 years old and/or with no established repayment capacity.
- Must have established credit history and good credit standing. The lending units shall check the borrower’s card payments or billings for two months and utility billings if updated prior to COVID-19.
- Must be a permanent resident or has lived for a minimum of two years in the area of residence.
- Must have a combined monthly net take-home pay (after loan amortization) of P20,000, per enrolled student.
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.
The complete details can be viewed here. – Rappler.com
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