The Social Security System is now offering educational loans for students taking-up law, medicine and vocational courses, SSS Bacolod City Branch head, Raul Casiano, said yesterday.
Casiano said the educational loan before was only for undergraduate courses, but SSS has decided to allow those taking law, medicine and vocational courses this time to avail of it as part of its commitment to support the country’s educational system.
He said educational loan, with only three percent yearly interest, may be availed of by members, two of their children, spouse or siblings, and payment will be collected a year after graduation.
Casiano added that there are no requirements for maintaining grades, unlike the “Study now, Pay later program,” so long that the member continues to pay his or her contributions and has paid contributions for at least for 12 months.
Under the educational program, the member should also have a month’s contribution within the three-month period before the application for the loan.
As for the slow processing of transactions, Casiano said, it is not only because their system has been centralized with that of their regional office in Iloilo, but also because they changed the computer program they are using.
Casiano said he has no idea when the processing will normalize.*APN