Updated 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