Hoping to pursue higher education? While it’s no secret that college can cost you a fortune, being reminded of how expensive tuition and other school fees can get may still leave you astounded. In the Philippines, tuition could swell up to over ₱200,000 per year.
If you’re a struggling student who needs immediate access to cash, turning to a student loan might be your best bet to access the funds you need. With a loan, you will be able to borrow enough money and pay it back in favorable monthly repayments.
Below, we have prepared a rundown of the best student loans in the Philippines that will help you fund your college education with minimal risks. From low fees and rates to flexible repayment plans, these three financing options are sure to help you.
InvestEd Student Loan
Dubbed to be the Philippines’ leading provider of education loans for students, the InvestEd Student Loan boasts about its easy application process and customizable payment programs.
Specifically, under the program, students can claim as much as ₱100,000 and enjoy affordable plans that can score as low as Php 800 per month, depending on their application score.
As part of its features, the InvestEd student loan enables clients to choose what repayment plan suits them best – either by paying the loan before or after they have graduated.
To make the service more apt for students, the loan offers a low interest of 2.25%-2.93% per month, plus a service fee of 22% of their education loan, or ₱3,000, whichever is higher.
Tuition will be directly paid by the company straight to the school, with the remaining loan amount to be released on a per need basis or in scheduled disbursements.
To apply, you will only need to visit InvestEd’s website, scroll down to find the “Apply Now” button, and fill out and submit your application form. You will receive a response within 2-5 business days, along with the schedule of your personal interview.
Although not specifically defined to be a “student” loan, a MoneyCat loan is one of the primary options Filipino students turn to in order to fund their higher education.
Under the said program, clients can claim a minimum of ₱1,000 and a maximum of ₱20,000. The interest rate on this loan is 11.9% per month.
Similar to InvestEd, MoneyCat’s loan also boasts of a flexible repayment option. Depending on your situation, you can opt to provide a full repayment, select an extension plan, or go for a partial payment (any amount).
However, the loans should typically be repaid in three to six months.
To apply, you’ll only need to visit MoneyCat’s site, select “Get Cash Today” and provide the needed information. Once done, submit your application and wait for MoneyCat to contact you.
Educational Assistance Loan from SSS/GSIS
Of course, you may also opt to avail of an educational loan through the help of your parents. Specifically, if they are SSS or GSIS members and have made consistent contributions, your parents can apply for the Educational Assistance Program (EALP).
For the SSS Educational Assistance Loan, expect that you can borrow as much as up to ₱20,000 per semester. Meanwhile, for the GSIS Educational Assistance Loan, you can avail of a one-time loan of up to ₱10,000.
Both loan options impose a rate of 6% per annum, with a payment term ranging from three to five years. Payment for the loan will start 18 months from the date of release of the last loan check.
To apply, your parents can start by visiting any SSS or GSIS office and asking for an EALP form over the counter.
The Bottom Line
Going for a higher education sure is expensive. However, with the right student loan at your service, your dream university could just be well within your reach.
Get to know more about these student loans. Talk to a financial advisor today!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.