Private school students can avail up to a P150,000 loan from state-run Land Bank of the Philippines to cope with tuition needs during the COVID-19 pandemic.
The Department of Finance announced the the Interim Students’ Loan for Tuition toward Upliftment of Education for the Development of the Youth (i-STUDY) offered by Landbank to private school students whose parents and guardians have difficulties raising money to fund their education needs.
The loan program carries a 5-percent fixed interest rate per year, the DOF said in a statement, citing a report by Land Bank president and CEO Cecilia Borromeo.
The program was introduced “in response to President Duterte’s call on the institution to support students during this time of crisis,” said Borromeo.
“This program will not only help families who have kids they want to send to school, but will also assist private schools and downstream industries to sustain and continue their operations,” she added.
Under the loan program, short-term loans payable within a year are available for pre-school, primary and secondary school students.
College students meanwhile can avail of term loans payable up to a maximum of 3 years, inclusive of a one-year grace period on the principal amount.
Loans under the program cannot exceed P300,000 per eligible borrower.
Over 800 private schools have suspended operations for the upcoming school year due to the lack of enrollees. The Department of Education earlier said it expects many private school students to transfer to public schools, citing the impact of the pandemic on the livelihoods of families.
This article is brought to you by Education PH, your reliable partner for learning and success. Sa halagang P499/year, makakadownload ka na ng mga premium learning materials para sa iyong anak o estudyante.