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 who have started receiving their educational loans from SSS.
In short, naubos na ang pondo for the program. Nai-allocate na lahat para doon sa 59,600 students. Ang tatanggapin na lang ay yong mga Subsequent Educational Loan applications ng mga 59,600 students na ito para makatapos sila ng courses nila.
SSS says that it will reopen the program once new funds are accumulated from loan repayments.
Kung walang bagong pondo, matatagalan ang pag-reopen ng program na ito, kasi matagal pa namang makabayad ang mga first batch of borrowers.
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:
- or your spouse
- or your child
- or your brother or sister (only if you are single)
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.
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?
- Loan application form (filled up and signed)
- SSS ID or 2 valid photo IDs (bring xerox copies)
- Assessment or billing statement from the school
- 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)
- Proof that your monthly income does not exceed 25,000 pesos:
- 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
- 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