LANDBANK SCHOOL TUITION LOAN – Who Are Eligible To Apply For This Offer

Guide on Landbank School Tuition Loan Eligibility Requirements / Qualifications

LANDBANK SCHOOL TUITION LOAN – Here is a guide on who are eligible to apply for this loan offer of the Landbank of the Philippines.

A lot of parents now are having problems on how to support the education of their children. Many people lost their jobs amid the COVID-19 pandemic in the Philippines.

The country is still under a community quarantine now to stop the spread of the coronavirus disease. Undeniably, the economy is challenged but the health of the people must come first.

Amid the COVID-19 pandemic, many firms had no choice but to declare bankruptcy and stop their businesses. The companies suffered from big losses which affected the income and capital of the employers and the source of living of the employees.

Several government agencies and firms are looking for ways on how to help the people. The Landbank of the Philippines, the top state-run bank in the country, aims to attend to the needs of the parents and the students.

Based on a report on ABS-CBN News, the government bank is offering a Landbank school tuition loan under its I-STUDY Program. It recognizes the struggle of the parents on where to get the money for their kids’ school expenses as the classes are set to open this August.

Landbank President and CEO Cecilia Borromeo expressed their hope that students will be able to finish their studies despite the struggles now. There are eligibility requirements or qualifications in applying for the said Landbank school tuition loan:

For parents and guardians:

• established repayment capacity
• good credit standing
• good credit history

For students:

• good moral character certified by the school
• not a recipient of the Universal Access for Quality Tertiary Education Act of 2017
• not a holder of any privilege or scholarships given to honor students
• qualified under an accredited academic institution’s admission and retention requirements

According to the report, P1.5 billion was allotted by Landbank for this program. It is only open for the school years 2021 to 2022. It is open for all levels under a five-percent interest rate per annum.

According to Landbank, for borrowers with beneficiaries in pre-school, primary, or secondary school, the loan is payable in one (1) year. For college students, it is payable in three (3) years with a one (1) year grace period.

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