SSS Educational Loan 2012



 Update December 17, 2013:

Sad to say, SSS has announced that it has suspended the SSS Educational Loan Program for first-time applicants.  Why?  Because the 7-billion-peso budget for the program has been fully allocated to the first 59,600 students whose initial loan applications were approved and who have started receiving their educational loans from SSS.

In short, the 7 billion pesos allocated for the program have been fully spent. All the funds have been allocated to the 59,600 students. The only applications that will be accepted by SSS are the Subsequent Educational Loan applications from the 59,600 students.

SSS says that it will reopen the program once new funds are accumulated from loan repayments. If there are no new funds that will be put into the program, then it will take several years before new initial loan applications can be accepted. It will take several years before the first batch of borrowers are able to pay their loans.

If there will be students among the 59,600 already enjoying the SSS Educational Loan who will stop availing of their loan allocations, then there will be some money for some new first-time loan applicants in the waiting list.
      
Related Note:
If an SSS member retires and can no longer apply for a Subsequent Educational Loan for his or her beneficiary, another member qualified under the loan program can apply for the beneficiary. The beneficiary's unmarried sibling, or other parent can take over. 

Update April 14, 2013:

SSS has increased the loan amount and improved the rules so that more people can get qualified for the loan.


You can apply for this SSS educational loan for:

  • yourself
  • or your spouse
  • or your child
  • or your brother or sister (only if you are single)
You can use this loan for a four-year or five-year college course or a two-year or three-year vocational or technical course. The loan check will be payable to the school.

Who can avail of this SSS educational loan? 

You can apply for this loan if:
  • You have paid at least 12 monthly SSS contributions. 1 monthly contribution should have been paid within the last 3 months prior to loan application.
  • Your latest monthly salary credit is not more than 25,000 pesos.
  • You are not delinquent in paying your salary loan or housing loan. Your unpaid monthly payments should not exceed 3.
How much can you loan?

College course -- up to 20,000 pesos per semester
Vocational or technical course -- up to 10,000 pesos per semester

What are the documents required?
  1. Loan application form (filled up and signed)
  2. SSS ID or 2 valid photo IDs (bring xerox copies)
  3. Assessment or billing statement from the school
  4. You child or beneficiary's SSS Number: Submit a xerox copy of your child or beneficiary's stamped SSS E-1 form (if you are applying for your child or beneficiary)
  5. Proof that your monthly income does not exceed 25,000 pesos:
- If employed, payslip or pay envelope for 1 month, or certificate of income from employer
- If self-employed, ITR
- If voluntary, Affidavit of Income

Note: There's a portion in the application form that needs to be accomplished by the school.
You need these data items:

 - School Code
 - Name of Student
 - Name of Course
 - School year
 - Level
 - Semester
 - No. of Years to Finish Course

When will you start paying the loan?

If 2 semesters in a year -- 18 months after last loan release
If 3 semesters in a year -- 15 months after last loan release
If 4 semesters in a year -- 14 and 1/2 months after last loan release

How long will you pay the loan?

If college course -- Choose 1 or 2 or 3 or 4 or 5 years
If vocational or technical course -- Choose 1 or 2 or 3 years

How much is the interest for the total loan?

- The annual interest rate for the consolidated loan is 6%.
- The consolidated loan is equal to the sums of the loans released per semester plus accrued interests
- Computation will be based on Diminishing Principal Balance

Are there other rules?

- A married member can apply for 2 beneficiaries (can be for his child and himself, or for his two children,
   or for his child and his spouse)
- If a married couple are both SSS members and both qualified for this educational loan, they can apply for
   2 each for a total of 4 beneficiaries (example: for their 4 children)
- An unmarried member can apply for only one beneficiary (himself or one sibling)
- No substitution of student
- School must be accredited by the CHED or TESDA
- The student will be issued a SSS no. for the purpose of tracking unpaid loans
- Unpaid loans will be deducted from the member's retirement or death benefits.
- The loan needs to be renewed every semester. Submit a new application form and assessment or billing statement.

This is the  SSS Educational Assistance Loan Program  form.

SSS educational loan 2012

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32 Responses to SSS Educational Loan 2012

MKJ said...

Can we not use this for elementary? Also, what if my salary is 35K. Kasi I have 3 kids and am a single mom po.

Kaydee said...

Hi MK1, sorry, this is for college and vocational students only. And sorry, you're not eligible because your income is higher than the maximum income limit which is 25k per month.

jack ford said...

gud pm. the check will be under the name of the school, right! in case there will be extra change from the proceeds, will the school give the (sukli) back to the loaner? thanks

Nors said...

About LOAN CHECK VALIDITY: I mentioned in one or 2 of my responses na ang loan check magiging STALE or INVALID in 6 months -- this is the usual validity period for checks.
I found out just now that SSS educational loan checks expire faster! 3 months lang. Nasa check mismo ang validity date. So use check asap, before expiry date.

ADRIANE FAUSTINO said...

where will i surrender the educational loan voucher? and when will be the deduction will start? is it a year after the student finished the course?

Kaydee said...

Hi Adriane, keep the vouchers. SSS says that borrowers will start to pay the aggregated loans one year after course completion. I assume that SSS will send a document with computations and monthly amortization amount probably a semester after submission of the last loan application. Or maybe SSS will release in the near future further instructions on educational loan payment.

Kaydee said...

Hi Renalee, contact SSS

yamyam said...

Hi

Does SSS L501 form needed in applying for educational loan? The SSS Officer required me of this document pero di naman sya included sa list of documents .
Thanks!

Kaydee said...

Hi yamyam, sa maternity benefit claim usually required ang L501, kasi from employer yan.
Pero on second thought...are you employed? and did you submit a certification from your employer about your monthly income? If yes, baka bagong requirement nila ngayon yang L501, para ma-sure nila na employer nga ang nag-issue ng certificate.

Kaydee said...

Hi rowayne, do you mean you have paid 80% of your salary loan? Meron na bang 1 year since the date of your salary loan check? If yes to 2 questions, yes, you can renew your loan. The educational loan is not yet due for payment, so it does not affect your salary loan. You also can check your salary loan eligibility in your online SSS account

Kaydee said...

rowayne, puede ring 75%. Ang renewal time is after 50% payment and 50% loan term.

admin said...

Hi! Do you have a sample of affidavit of income? And kailangan po bang notarize ito? Thank you in advanced for your answer! :)

Kaydee said...

Hi marecris, yes, you can apply for an educational loan even if your contributions were not continuous. You can have gaps in your payments, as long as you have at least 12 contributions in total. And you have paid at least 1 contribution within 3 months before you apply. You said you have paid Oct 2013, so you can file your loan this Nov or Dec 2013.

Kaydee said...

Hi admin, yes, your affidavit should be notarized. Kagaya rin ng mga standard affidavit, with a statement that goes something like "I declare that I earn my income by selling or by __ and that my monthly income is ___". I'll give a link later after I'm able to write a sample.

admin said...

thank you so much! I'll wait for the link. :)

Kaydee said...

Hi marecris, sorry, kapag salary loan, you need to have paid at least 36 contributions (for 1-month loan). So wait for 6 more, and check that they are already posted before you apply.

Kaydee said...

Hi admin, ito na yong sample affidavit of income

logistilla said...

Is the educational assistance also available for law students? Thank you.

Kaydee said...

Hi logistilla, yes, I think so because that's also a degree course.

Kaydee said...

Hi Brenda, ang check ay issued to the school, meaning ang payee ay school, so the bank will not encash the check.

Kaydee said...

Hi mutya, ito ang mga school codes in Metro Manila.

sir_truvativ said...

Good morning Ms. Kaydee... I'll just want to ask if SSS also issue educ. loans for summer classes? You see I have already availed of the educ loan for two regular semesters for my son.Pwede rin bang magloan pang summer classes? tnx. I hope you can answer ASAP. tnx.

JK said...

Hi cherry, you try to submit the requirements and ask the SSS officer to put your application on the waiting list. Based on comments online, sometimes they accept; sometime they ask you to go back when there's additional funding.

JK said...

Hi Michael, yes, your child can transfer to another school and shift to another course, but you can borrow only for the remaining years, based on the no. of years for the course you applied for in your initial application.

JK said...

Hi Maria, I haven't read yet any change related to your concern. Is your actual total tuition fee 19,700? If it is, then SSS will lend you only 19,700 because the rule is: loan amount is 20k or actual tuition fee, whichever is lower.

JK said...

Hi Norman, if this is your first time, sad to say that SSS has suspended this program for first-timers because it has used up all funds in releases and allotments for the 4-year or 5-year education of the first nearly 60,000 students who have applied first.
You can apply, but the waiting list is long, and some SSS branches no longer accept applications, and they just tell you to go back when there's news about funding.

JK said...

Hi Harlene, is this your first time to file an educational loan? If yes, your application is on hold. There are no additional funds yet for for first-time applicants.
If this is a Subsequent loan application, wait a while; maybe there are a lot of applications. Check your online account from time to time.

JK said...

Hi shiela, I don't know if your stepchild can be your dependent as SSS requires a birth certificate (with you as mother written on the birth certificate). I think SSS will recognize a court declaration of adoption.
In addition, application by first-time applicants to this educational loan program has been suspended because of lack of additional funding, as I explained in the updates above.

JK said...

Hi Gennovieve, based on their guide, repayment will be based on the total amount of all loans issued. About a year after last loan check, they will add all loans (plus interests) and then compute the monthly payment amount.

Primoris Manpower Services Company said...

my employer was delayed for 5 months in paying the sss premium, so my son could not avail of the educational plan. what should i do?

JK said...

Hi Primoris, ask your employer to pay at least 1 of the 3 months before your application. If your company does not cooperate, I think you can pay 1 month as Voluntary (as long as you already have previous posted contributions). Use RS5 form, and then present this receipt when you apply for the educational loan.
Are you a first-time applicant for the educational loan? SSS has suspended this program for new applications, so ask SSS if they're already accepting first-time applicants.

JK said...

Rafael Bautista: I've loaned twice already, but I have a new employer and my last contribution was for May 2014. Can I still apply for this loan?

Hi Rafael, since you're applying for a Subsequent Loan, yes, you can apply this November. Make sure at least 1 contribution payment for Aug or Sept or Oct has been posted in your SSS account before applying.