The Social Security System has announced the terms of its new P7-billion loan window for college education and skills training, which is part of government’s efforts to enhance job prospects and ensure productive employment of current and future workers, an SSS press release said.

SSS Officer-in-Charge Edgar Solilapsi said members earning P10,000 or less a month can apply for the Educational Assistance Loan Program (EALP) to enable them or their dependents to defray enrollment costs for college, vocational and technical courses.

Solilapsi said the EALP aims to boost the country’s socio-economic growth by developing a larger pool of competent professionals and skilled workers. It will also help workers upgrade their knowledge and skills to secure better jobs and provide a brighter future for their family.

Members with at least 36 contributions -- including three monthly premiums within the past 12 months -- are eligible to borrow for educational expenses of one beneficiary, the press release said.

The member must also be paying premiums based on a monthly salary credit of P10,000 or lower, the press release added.

The maximum loan amount per semester or trimester is P15,000 for college and P7,500 for a vocational or technical course, which must be a two-year degree program or higher.

Loan releases will be made payable to the school and must be used for tuition and miscellaneous fees only, the press release said.

The school must be accredited by the Commission on Higher Education or the Technical Education and Skills Development Authority.

Members have up to three years to repay the loan for voc-tech courses and up to five years for college degrees. The grace period before repayment, which will start on the date of the final loan release, is 18 months for semestral courses and 15 months for trimestral programs.

To apply, members must accomplish a loan application form and personally submit this and a school-issued billing statement to their nearest SSS branch, the press release said.

. Application forms for the EALP are available at SSS branches or may be downloaded from the SSS website (www.sss.gov.ph), it added.*

back to top