Guide on SSS Educational Loan – The Maximum Loanable Amounts based on Course
SSS EDUCATIONAL LOAN – Here is a guide on how much you may borrow under this loan offer for a degree course and a vocational course.
Are you sending your child or sibling to college but you are quite unprepared for the financial requirements? If you are a member of the Social Security System, you have something to turn to – the SSS Educational Loan.
The said educational loan offer of the Social Security System is open for members who have monthly salaries of less than P25,000 and have paid at least 12 monthly contributions. It is open to fund the education of a college student taking a degree course or a vocational course.
How much you may borrow under the SSS Educational Loan? The loanable amount depends on whether the beneficiary is taking a degree course in college or a vocational or technical course. In the case of the latter, it must be at least two (2) years. The school fees also play a factor in the amount that you may borrow.
- Degree Course
- You can borrow a maximum of P20,000 per semester/trimester/quarter term or the full amount of tuition or miscellaneous fees, whichever is lower.
- Vocational/Technical Course (at least 2 years)
- You can borrow up to P10,000 per semester/trimester or the full amount of tuition or miscellaneous fees, whichever is lower.
Based on the article, if the beneficiary of the SSS Educational Loan is a college student and his or her total school fee for a semester is P18,000, your loan amount will also be P18,000. In case the total school fee is P35,000, your loan amount will be P20,000 which is the maximum loanable amount under the offer for a degree course.
Do you want to apply for this loan offer? There are documents that you must prepare and submit to a branch of SSS nearest to you. To check on the documents that you need to prepare, you may visit – SSS Educational Loan Requirements: List of Documents You Must Prepare & Submit.