Studying in the Philippines is often expensive. However, there are few places in SUCs and LUCs, so those who want to get a sought-after profession will have to think about private universities and colleges. Even if you managed to enter a state university or college, you still need money for a computer / laptop, books, a hostel, and more.

Cancellation of education due to lack of finances is widespread. However, the payback is obvious. After all, specialists can count on much higher earnings, and the payback period occurs happens within 5 yrs. after graduating HEI.
How to find funds for tuition and related expenses?
Consider all the possible ways.

Education loan SSS


If your parents are officially employed, are members of the SSS or GSIS, they can apply for a borrow for educational assistance for your education.
SSS Educational Assistance Loan is only available to low-income families – 300000 PHP per year. (There is no income limit, but priority is given to children of parents with a total gross annual income of ₱300000). The loan is formed of 2 parts – 50% by the National Government (NG) and 50% by SSS.
The maximum limit of funds for educational assistance SSS is up to ₱20000 per semester, and for Educational assistance GSIS – a one-time amount is ₱10000.
Both types of credits have a rate of 0% – 6% APR (0% – NG portion, 6%a – SSS portion) and payment should begin 18 months after release. Maturity up 7 years. Monthly payment may not exceed 30% of monthly income.
You can apply at the nearest CHEDRO where the institution of your choice is located or take advantage of the quick application process via the internet resource.

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Who offers university or college credits?


Universities and colleges can independently provide credits to students through joint programs with banks and CHED.
LAND BANK of Philippines has launched private schools lend programs worth 3 billion pounds to help them with their “study now, pay later” scheme for undergraduates during the 2019 coronavirus pandemic
Credit support will allow HEIs to help their university community continue their education according to the “study now, pay later” scheme.
The interest rate is 3% APR and is payable “based on the maturity of bills, but not more than three years.”
There are restrictions on the amount. So HEIs can count on 70% of the cost of training. Thus, 30% will have to be paid by undergraduates or their parents.
Student Loan Program for Tertiary Education-Short Term Basis (SLPTE-ST).
SLPTE-ST is a financial support program for undergrads with liquidity problems.
The program is available to university undergraduates who meet existing LUC, TVI, private HELL requirements recognized by CHED, or schools that meet the requirements of the UniFAST Board.
Lending terms:

  • Repayment up to 12 months
  • Maximum amount of funds – 60,000 PHP
  • Rate – 6% APR
  • Duty for administrative expenses – 2%.

Who offers scholarships PH?


Scholarships can be used as financial support. Scholarships are even too much beneficial because these funds do not need to be returned.
CHED Scholarships and Grants:

  1. Money grant to medical undergraduates from SUCs and CGMS all information on the site
  2. CHED Fellowship Program (CSP) for more details view online site

Security Bank Fund Scholarships
Scholarships of Security Bank Foundation are aimed at providing financial support to poor, but decent young people who study at partner schools of the Security Bank Foundation. As a rule, partner schools help in the selection of candidates, as well as in monitoring the performance of fellows.
Maximum scholarship size: State Universities -100,000 Php.
Scholarship for school related expenses
Private universities:

  • 100,000 Php – the maximum actual cost of training
  • 50,000 Php – scholarship for expenses related to the school

Partner Schools of the Bank Security Fund are listed on the website.
You can use the online application process using the site (via Edukasyon.PH)

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Loans from coops


Paglaum Multipurpose Cooperative gives Student Educational Assistance Loan (SEAL) up to 90,000 PHP at 1.15% per month for up to 3 years, but the fact that the borrower must be a member of the cooperative for at least 1 year and have 2- 3 repaid credits. That is, students must have a cosigner – parents (relatives) are members of a cooperative and have a constant income, can rely on such offers.
SEAL is still available in the last 12 months of any professional or technical course. The SEAL can be used to pay for education or any other fees.
Gata Daku Multipurpose Cooperative gives credits for education up to 15,000 PHP at 24% – 30% APR. However, the repayment cannot exceed 6 months. The borrower must be a member of a cooperative and have a contribution of 500 pesos and have a steady income.

Fintech startups for students loans


Today, not so much organizations offer funds for education with deferred payments, regardless of your credit status. One such organization – InvestEd – student lending platform for high school undergraduates. Its uniqueness lies in the fact that you start paying on a Student loan after graduation, and you can get it without a cosigner and without collateral.
The borrow amount for students of the penultimate courses can reach 100,000 pesos, and for students of final courses – 50,000 pesos. Interest rates are 2.25% – 2.92% per month. Maturity up to 48 months.
The only drawback of this proposal, in our opinion, is the huge service charge – 22% which significantly increases amortization.
The company provides a table with options for calculating monthly payments.

credit
amount
12 mo.
paymts
18 mo.
paymts
24 mo.
paymts
36 mo.
paymts
48 mo.
paymts
₱15,000 ₱2,024 ₱1,462 ₱1,185 ₱916 ₱789
₱20,000 ₱2,699 ₱1,949 ₱1,580 ₱1,221 ₱1,052
₱30,000 ₱4,049 ₱2,924 ₱2,370 ₱1,832 ₱1,578
₱40,000 ₱5,398 ₱3,899 ₱3,160 ₱2,443 ₱2,104
₱50,000 ₱6,748 ₱4,873 ₱3,950 ₱3,053 ₱2,631

UpFinance services include not only the provision of information but also a credit calculator. UpFinance checked the calculation of the company InvestEd using own calculator and as a result received the actual interest rate of 4.7% per month or 55.7% per annum instead of the declared 2.92% per month or 35% per year. Thus, the actual amortization of the loan is much higher than stated.

Bukas is a registered organization in the Philippines. This financial institution provides services to students of partner schools of Bukas (FEU, EAC, JRU, Mapua, LPU, NTC and OLFU). Additional information about the conditions of cooperation with these HEIs can be found on the website.
A credit is provided for 12 months at 2% – 3% per month, and a service fee of 3% is also charged. For this offer you need a guarantor – a relative with good credit status and having a steady income. A distinctive feature is the ability to cover 100% of the cost of training.

Study abroad programs


This method is suitable for students who are fluent in additional foreign language.
For example, in Taiwan there are very favorable loans for studying at Mega ICBC at Taiwan universities.
For example, an International student loan that allows you to borrow at 2.21% per annum up to 10 years. The maximum amount for a master’s course is up to NT $ 1,000,000. Request fee: 300 NT $ (in case of cancellation of the application is not refundable).

Conclusion


In addition, there are government programs for training foreigners in other countries: France, India, UAE, which fully or partially cover the cost of training. You can find the full list on the CHED website.
This is not a complete list of ways to get money for education. On the Upfinance website, all available options are presented:

  1. Bank offers (search Personal loans)
  2. Payday lenders instant borrows
  3. Peer-to-Peer platforms
  4. through cooperatives or private lenders
  5. through the non-profit organization Kiva.

To instant view all offers, simply go to upfinance.com and click on the Loans tab in the Menu, select Student loans from the drop-down list. All available offers will be shown on one page.