Student Loans 14 Philippines Study Now, Pay Later

Student Loans

Student Loans: Financial difficulties cause many Filipino students to lose out on significant possibilities. Although grants and scholarships solve students’ financial challenges, not all students can meet their stringent academic requirements.

Fortunately, student loans offer a more inclusive option.

This guide will teach you how this type of funding operates. A few respectable companies that provide student loans in the Philippines are also included below. 

Also Read: How To Get Commercial Loan And Increase Business

A student loan: what is it?

The amount borrowed to cover the expense of a college education is known as a student loan. This kind of loan, which is also known as an education loan, a tuition loan, or a tuition installment plan, typically pays for books and supplies, allowances, student housing, other educational costs, and tuition and other fees.

Student loans have to be repaid in installments throughout the loan period, with interest, in contrast to grants and scholarships. Certain lenders permit borrowers who are students to return their loans in full after they graduate or secure employment.

What’s the difference between student loans, grants, and scholarships?

Financial aid is what all of these titles allude to, helping students cover the costs of their higher education. However, despite their similar names, student loans, grants, and scholarships are completely different from one another.

Let’s examine each kind of financial aid for students in the Philippines separately below.

📚 Scholarships

Scholarships are essentially awarded depending on a student’s abilities or academic standing. For example, Gerald is a scholar because he consistently achieves high grades in his subjects, while Jennifer is a scholar because she plays volleyball for the university. In your first year of college, you might be awarded a scholarship; however, if your grades don’t meet the required standard, you might lose it.

Typically, higher education institutions, local government units, and government organizations fund scholarship programs.

📚 Awards

The amount given to a student in cash is referred to as a grant. Academic achievement may or may not be a factor in grant decisions. A sponsor may take the applicant’s financial situation into account.

For example, your child may be eligible for a ₱50,000 college grant. This could be used to pay for tuition and other educational expenditures, but it might not cover the full cost of the school year.

📚 Student Loans

Grants scholarships are not the same as student loans because the latter require repayment of the borrowed funds. Students must repay their loans by the terms and conditions outlined in the loan arrangement, whether they are from banks or the Philippine government.

Benefits of Student Loans Application

One of the most sensible solutions that parents might think about for their children’s education is a tuition-price loan. These are some of the causes:

👍 No Need for Credit Score

The majority of student loans don’t run credit checks. This implies that if you submit the appropriate paperwork and meet all conditions, your chances of being approved will increase.

However, banks will still examine your credit score among other factors if you intend to use a personal loan to pay for education-related fees.

👍 Simple Terms of Repayment

While certain student loans must be repaid by the end of the current semester, most tuition loans in the Philippines have an extended payback period that lets borrowers pay off the balance after graduation, after they start working.

Remember that personal loans may have different terms. 

👍 Aids in Focusing Student Loans

Student loans might give you peace of mind so you can stop thinking about where to get money. Your youngster can concentrate on their education and make career plans.

👍The Drawbacks of Student Loans Applications

Student loans aren’t always risk-free. Even though they have many advantages, if handled improperly, they may cause more harm than good. The following are a few drawbacks of obtaining a student loan:

👎Begin Your Adult Life with Debt 

As a self-supporting student who took out a student loan, you may find yourself at a disadvantage right out of college due to this financial commitment. You will bear a greater burden in particular if you are unable to obtain employment quickly or are forced to accept a low-paying position.

In addition, interest might accrue if you delay paying off your debt. If you aren’t good with money, you could find it difficult to make ends meet or perhaps get into debt. 

👎 Makes You Postpone Other Objectives

A family may become financially bankrupt due to an out-of-control debt, forcing them to live paycheck to paycheck. To repay the loan, borrowers might have to make compromises or put off achieving certain objectives (such as remodeling their homes or taking a trip). 

👎 If You Can’t Pay, Your Credit Score Will Drop

Your credit score will be severely impacted by defaulting on personal or student debts, which will subsequently damage your ability to apply for credit cards, auto loans, and mortgages in the future.

Philippines Student Loans: 14 Available

“Where can I apply for a student loan?” you may be wondering.

In the Philippines, student loans are provided by banks, colleges, government organizations, and private lenders. We’ve selected the top 14 student loans on our list based on the most desirable attributes.

A few of them have low interest rates, which lowers the cost of borrowing money. Others provide students who must make an immediate tuition payment with a simple and quick online application.

For students in need of financial assistance, these are the top student loans available in the Philippines: 

Important characteristics:

• Amount loanable: up to ₱2 million
• 26.9% contractual annual rate
• Terms of repayment up to five years
• No guarantee or collateral is needed. 

Qualifications and Record-Keeping Needs:

• age range: 21 to 65
• Foreign nationals who are either local or Filipino residents and have a valid billing address in the Philippines
• the primary cardholder
• Having a ₱250,000 minimum gross annual income
• One legitimate ID with a picture from the government
• The number for Tax Identification
• Evidence of income
• Completed application form
• For non-citizens: a passport or other supporting documentation
• residency in the Philippines

UnionBank’s Personal Loan[1] will assist you if your child’s tuition is pricey and you require a sizable sum to pay it. You can take out a loan of up to ₱2 million to cover your school costs, and you have up to five years to repay the loan.

The fact that you may apply for this cash loan for students in the Philippines without having to provide collateral is one of its best features. Processing can be completed in as little as five minutes.

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Important characteristics: 

• Amount loanable: up to ₱500,000
• A two percent interest rate
• Terms of repayment: 12, 18, 24, or 36 months
• Collateral and co-maker are not necessary.  

Qualifications and Record-Keeping Needs

• Ages 18 to 70
• Philippine national or someone who has lived there lawfully for at least six months
• Need to be well
• employment certificate
• most recent paystubs over the previous three months
• most recent credit card or bank statement
• most recent loan statement
• most recent receipt for an insurance premium
• most recent receipt for a Home Credit payment  

Searching for a more practical way to submit a loan application? It is made possible by this student personal loan from UNO Digital Bank. Simply download the UNOBank app, register, and submit an application for the loan that you want.

Starting at ₱10,000, loan amounts ought to cover your present tuition budget or cover book prices. But you can borrow up to ₱500,000 if you’re seeking a larger sum. 

🎏 SSS Student Loans Program for Education Assistance (EALP)

Key Features: 

• Loanable amount up to ₱20,000 per term (maximum of ₱160,000 full allocation or eight semesters, twelve trimesters, or sixteen quarters) for four-year degree programs
• Loanable amount up to ₱20,000 per term (maximum of ₱200,000 complete allocation or 10 semesters, 15 trimesters, or 20 quarters) for five-year degree programs
• For technical/vocational two-year courses: A maximum of ₱40,000 or four semesters for semestral programs, or ₱60,000 or six trimesters for trimestral programs, is the loanable amount per semester or trimester.
• Interest rates can reach 6% annually.
• Repayment durations of up to three years for technical/vocational courses and up to five years for degree courses 

Qualifications and Record-Keeping Needs:

• Under 60; cannot be 65 or older after the repayment period
• A basic salary or income of ₱25,000 or less per month
• At least 36 SSS contributions must be posted, six of which must have been done so during the 12 months before the month the loan application is made.
• current to member loan amortizations (that is, no past-due payments exist for housing or income loans)
• Statement of assessment or invoicing provided by the beneficiary’s school
• Application Form
• Proof of relationship to the beneficiary with a valid ID
• Evidence of monthly income  

The Educational Assistance Loan Program (EALP), which was introduced in 2012, gives SSS members the option to borrow money to cover their beneficiary’s college expenses.

For whom is the SSS Educational Loan eligible? As long as they are not full scholars receiving free tuition and other school costs, beneficiaries can include the member-borrowers themselves, their child (legitimate, illegitimate, or lawfully adopted), their legal spouse, or their sibling (for unmarried members only). Any undergraduate course provided by institutions recognized by TESDA, CHED, the Civil Aviation Authority of the Philippines, and other governmental organizations should be filled by them.

The National Government and the SSS share funding for the SSS Educational Assistance Loan at a 50/50 ratio. 

Important characteristics:

• Up to 80% of the Pag-IBIGg member’s regular savings may be lent out.
• An annual interest rate of 10.5%
• Duration of repayment: 24 to 36 months

Qualifications and Record-Keeping Needs:

• Member of Pag-IBIG inactive
• Having saved at least one monthly membership during the six months before the loan application date
• Having made at least 24 payments as part of the Pag-IBIG regular savings program
• possesses no accounts in default (if there is an active Pag-IBIG loan)
• Completed application form
• Authentic ID
• Evidence of income
• A photocopy of the disbursement card or payroll account 

Technically speaking, a Pag-IBIG student loan does not exist. However, you can utilize Pag-IBIG’s Multi-Purpose Loan, or MPL, to cover a variety of expenses, including your child’s tuition and other costs like books and school supplies.

The fact that the loan agency may process applications in as little as two days is one of its strongest features.

Important characteristics:

• Maximum loanable amount of ₱500,000 for a five-year college degree; up to ₱100,000 every academic year
• An annual interest rate of 8%
• Ten-year repayment term with a five-year maximum grace period

Qualifications and Record-Keeping Needs:

• Currently serving as an active GSIS member for at least 15 years
• has made the most recent three contributions each month for both
• when applying for a loan, the government’s share and the personal share
• possesses a spotless record with the authorities (no pending criminal or administrative cases)
• The agency is not “suspended.”
• No unpaid GSIS loan(s)
• Not on an unpaid leave of absence at the time of application
• under the General Appropriations Act, with the appropriate net take-home pay (NTHP).
• Completed application form
• a photocopy of the most recent tuition assessment form for the student; the original must be shown.
• Three signature specimens from the student’s school ID are discovered on the same page in a photocopy (if the student’s image, signature, and date of birth are not available, any legal ID will do). 

Under the Government Service Insurance System (GSIS)’s Ginhawa for All (GFAL) initiative, which aims to guarantee the general welfare of government employees, students can study now and pay later through an education loan.

Active GSIS members with children or relatives enrolled in undergraduate studies at private or public universities are eligible for this loan. Up to two beneficiaries may be nominated by eligible candidates.

Only six years after the loan has been approved after the student recipients have completed their education and begun working, do repayments commence.  

The I-Study Lending Program of LandBank of the Philippines

Important characteristics:

• A maximum loanable amount of ₱300,000, which includes a ₱50,000 allowance for each student to go toward the purchase of a gadget
• A five percent annual interest rate
• Depending on the loan, a maximum three-year repayment period 

Qualifications and Record-Keeping Needs:

• Citizens of the Philippines who are of legal age and can repay their debts, including students
• a well-established credit history and excellent credit position
• either been a permanent resident or have lived in the area for two years or longer
• The monthly net salary total for each student after loan amortization is ₱10,000.
• Completed the loan application
• The legitimate ID of the borrower
• Borrower’s evidence of earnings
• Verification of billing information and payment history from two utility/service providers
• Proof of enrollment for the student (Form 138) or a certified true copy of their grades from the preceding semester of attendance
• The school awarded a Certificate of Good Moral Character.
• Timetable for paying school fees and additional costs associated with registration for the upcoming term or academic year 

For parents of children in preschool, elementary, high school, and college, LandBank offers a flexible loan program called the Interim Students’ Loan for Tuitions Towards Upliftment of Education for the Development of the Youth (I-STUDY).[2]

The credit option for preschoolers, elementary school kids, and high school students is a short-term loan. Take out a term loan if your child is a postsecondary student. Proceeds from your LandBank student loan can be used to cover tuition, enrollment-related fees, and technology devices that will help your child learn remotely.

🎓 School Loans via BPI SIP

Important characteristics: 

• Amount loanable up to the entire credit limit on your credit card
• A monthly interest rate of 0.75%
• three to twenty-four-month repayment terms

Qualifications for Admission:

Must be a current, valid BPI credit cardholder.

By going to the closest BPI branch, BPI credit cardholders can take advantage of a special installment plan (SIP). With a five-day processing period, the application process is rather speedy.

Use all of your credit limit, up to 100% of it. In addition, the interest rate for a maximum of 24 months is quite low at 0.75%. Lower monthly payments for you as a result.

Not yet holding a credit card from BPI? Examine your alternatives, then use Moneymax to apply: 

🎓 Digido Cash Advance

Important characteristics:

• Amount loanable: up to ₱25,000
• 0% interest for the initial seven days
• Terms of repayment up to 180 days 

Qualifications and Record-Keeping Needs:

• citizen of the Philippines
• age range: 21 to 70
• Authentic government identification 

Digido is an internet lender with SEC registration that provides financial solutions to Filipinos with no paperwork needed. Although it doesn’t specifically offer student loans, it does provide students who match its requirements with an easy cash loan.

Use it for additional educational obligations, modest electronics, and books, as it offers a relatively small loan amount. Simply create an account on Digido and finish your application from there to apply. 

🎓 Loan from Bukas. ph

Important characteristics:

• Amount loanable: up to ₱100,000
• 1.9% monthly interest rate (rates may vary per school)
• Terms of repayment: three to twelve months 

Qualifications and Record-Keeping Needs:

• citizen of the Philippines
• at least eighteen
• Enrolled or intends to enroll as a postgraduate or undergraduate student at one of Bukas’s partner universities
• possesses a source of income, which may be both yours and your co-borrowers.
• Authentic ID with a selfie
• evidence of residency
• Form for school assessment
• Extra contact information and contact details
• Conditions for co-borrowers: a legitimate ID selfie, evidence of residency, and invoice proof 

The Securities and Exchange Commission (SEC) has granted licenses to Bukas, an education financing business that offers student loans to Filipino college students. A Bukas student loan is available to students attending partner institutions like Ateneo de Manila University, FEU, CEU, Mapua University, and Lyceum of the Philippines University.

Important characteristics:

• Amount loanable: up to ₱40,000
• A monthly interest rate ranging from 2.42% to 2.67%
• Terms of repayment up to 28 months 

Qualifications and Record-Keeping Needs:

• Personal identity (such as a government-issued ID, a school ID, an NBI clearance, etc.)
• Selfie with the selected identity
• Evidence of enrollment
• data about the guarantor (contact data, government ID, business ID, NBI clearance, etc.)
• For board exam loans, proof of graduation (such as a diploma or transcript of records) must be presented; if you haven’t graduated yet, you must show proof of enrollment and registration for a review center.
• Evidence of charging government clearance (such as police, NBI, or barangay clearance)
• a picture of your home
• Other conditions unique to the loan type 

The SEC has granted InvestEd a lending license as a social enterprise. The InvestED student loan can be used for a variety of things, such as paying for tuition, buying technology (such as laptops, tablets, and smartphones for online learning), paying rent, paying for school allowances, and board exam fees, and covering costs associated with your thesis.

🎏 BlendPH Student Loans

Important characteristics:

• Amount loanable: up to ₱25,000
• A monthly interest rate of 3%
• Terms of repayment up to six months 

Conditions:

The website doesn’t list the qualifications for student loans, but at the very least, get ready for these:

• a legitimate ID from the government a certificate of work, and the last three months’ worth of paystubs
• Evidence of billing  

Students from training institutions or partner schools of BlendPH can borrow money through the BlendPH Education Loan to cover their educational expenses. Professionals in the workforce who wish to further their education through training are also eligible to apply.

The partner or training institution receives the loan proceeds straight from BlendPH. This implies that you will be unable to utilize the funds for any other objectives. 

🎐 Student Loans at the University of the Philippines Los Baños (UPLB)

Important characteristics:

6% interest is charged annually on the loanable amount, which is up to 80% of the total assessed fees or 100% of the loan if the Chancellor approves the request to take out such a loan. 

Qualifications And Record-Keeping Needs:

• System of Information (SAIS)
• Completed application form
• scanned copy of the co-debtors legitimate ID, which includes a clear signature and image of the student
• Digital signature of the co-borrower
• To request a 100% loan, fill out the Request to Avail of 100% SLB Form [3]. 

Students at UPLB may apply to the SLB Program. Upon acceptance, successful candidates may postpone paying up to 80% of the total amount due at enrollment. However, candidates are eligible for a 100% loan as long as the Chancellor approves their desire to receive one.

Any eligible undergraduate or graduate student in the Philippines is eligible to apply for this educational loan. Students enrolled in non-degree programs are not required to complete the program.

🎓 Student Loans Program At De La Salle University (DLSU)

Important characteristics:

• sum loanable up to the whole sum of fees and tuition listed on the Enrollment Assessment Form (EAF)
• Absent interest

Qualifications and Record-Keeping Needs

• student enrolled for at least one term and free of any outstanding debts from DLSU
• Completed application form
• An updated copy of the Enrollment Assessment Form (EAF) in scan format
• Regarding students throughout their undergraduate years: SLP Promissory Note in two original copies with parent’s signature
• Regarding postgraduate pupils: Two original copies of the SLP Promissory Note bearing the student’s signature and a recommendation letter from a university faculty member who works full-time 

The Student Lending Program, or SLP, is a short-term, interest-free lending option provided by DLSU. The SLP is only intended to pay for the tuition and expenses associated with a certain term.

The SLP at DLSU does not distribute the loan as cash, in contrast to other student loan programs. Rather, tuition and fees are paid directly using the loan.

Each academic year, undergraduate students are only required to apply for the loan once. Applications for the ensuing terms are contingent on funding availability and review. 

🎓 Foreign Student Loans in the US and Canada for Filipino Students

Important characteristics:

• Loanable amount up to your school’s assessment of the entire cost of education
• Interest rates vary depending on the lender and loan type.

Qualifications and Record-Keeping Needs

• Not a citizen or long-term resident of the US
• a pupil enrolled in a college or university in the US or Canada that qualifies
• possesses a reliable cosigner who is either a permanent resident of another country or a US citizen 

International Student Loans is a platform that offers financing choices and a loan comparison tool to international students studying in the US and Canada. If they fit the requirements, Filipino students can apply for foreign student loans to pay for other educational costs such as accommodation and board, transportation, books, insurance, and tuition.

How To Select And Submit A Philippine Student Loans Application

To pay for tuition and other educational expenditures, students in the Philippines can apply for loans using the following steps:

Step 1: Examine Offers For Student loans

Investigate the various study now, pay later schemes available to college students in the Philippines. Cash loans for students are not as well-known as other loan kinds.

Step 2: Evaluate Philippine Student Loans

Examine each of your options thoroughly, then contrast their characteristics to be sure you won’t be stuck with loan repayments you can’t afford. Specifically, search for these characteristics:

Low fees: no hidden costs and a low interest rate will all reduce the cost of borrowing money.

Loan amount: Determine how much you can afford to borrow and see if it fits within the lender’s acceptable loan range.

Loan term: How quickly can you repay your loan in full? Find a lender who offers a longer term if you require an extended payback period. If you’re a student taking out the loan yourself, think about choosing one that lets you begin making payments once you graduate or land a job.

Step 3: Request an Example Calculation

Calculating the monthly installment is necessary to determine your affordability, regardless of your feelings toward math. To get an example of how to calculate monthly amortization, visit the lender’s website. If it’s not accessible online, contact the lender via their social media accounts or customer support hotline.

Step 4: Get Your Documents in Order

The majority of college students are regarded as being of legal age, however, some lenders need the approval of an older relative or parent to act as the loan guarantor. Parents may not be the primary borrowers on a student loan, but they may still be liable for any outstanding education loans taken out by their offspring, particularly if they signed as guarantors.

In general, candidates ought to get ready these records: 

• ID for students
• birth certificate
• certificate of marriage for parents
• The high school card or Form 137
• clearance from the former educational institution
• a diploma of graduation
• The ID of the parent
• Income tax return (ITR) of the parents 

Step 5: Submit an Application for a Student Loans

Once you are prepared with all the necessary documents, apply to the student loan provider. You may apply for a tuition loan online or in person at the provider’s office, depending on the lender.

A Few Things to Keep in Mind When Applying for Student Loans

To choose the best loan package and expedite the approval of student loans, use these pointers:

✔️Stay Away from Loan Sharks

Lack of knowledge and experience can make parents and students ideal targets for illicit lenders. Dealing with lenders who have extremely high interest rates is never a good idea. Examine the company’s history and see if the SEC has granted them a lending license.

✔️ Keep Up Your Academic Progress

It’s important to keep in mind that certain lenders look at loan recipients’ grades to determine whether or not they can concentrate on their studies and use the loan just for that purpose. Your sense of accountability as a borrower can also be gauged by your child’s academic achievement. 

✔️Verify Reputable Websites and Links

Nearly every purchase may be completed online. Ensure that you are transacting through a reputable website to safeguard your privacy and personal information. Your identity could be used by some con artists to conduct fraudulent transactions.

✔️ Seek Guidance

If you’re a student, consult your guardians or parents while making decisions. Talk about your intention to apply for a loan for schooling in the Philippines. When it comes to picking the greatest school, the proper course, and applying for the best student loan with the lowest interest rate, their knowledge and experience can guide you in the correct direction.

If you’re a parent, you should still speak with a financial advisor, lawyer, or accountant who has experience with student loans. 

Last Words

Don’t allow your child’s financial circumstances to prevent them from realizing their aspirations. Students in the Philippines can continue their college education and concentrate on their studies rather than worrying about how to pay for it with the aid of legitimate student loans.

Check out the personal loan list below if you’d like other financial possibilities. Proceed to Moneymax to apply after comparing your alternatives!