MANILA — State lender Land Bank of the Philippines said Thursday it is offering loans of up to P300,000 under its “study-now-pay-later” program meant to cover students’ tuition and assist parents reeling from the pandemic.
Under its I-STUDY Program, parents or guardians can borrow tuition equivalent to 1 school year or 2 semesters, or up to P150,000 per student but not more than P300,000 per eligible borrower, it said.
Qualified parents or guardians of incoming pre-school, primary and secondary students can avail the study-now-pay-later loan with a fixed 5 percent interest rate per annum payable in 1 year, while term loans for tertiary students are payable in 3 years with a 1 year grace period on the principal amount.
“Through the I-STUDY Lending Program, we hope to help students finish their studies despite the difficulties they are facing,” said Landbank president and CEO Cecilia Borromeo in a statement.
Qualified parents and guardians should have:
-an established repayment capacity
-good credit history
-good credit standing
Eligible students should be:
-of good moral character as certified by the school
-qualified under the admission and retention requirements of recognized or accredited academic institutions
-not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017
-not a holder of any scholarship program or privilege granted to honor students
Landbank said it allotted P1.5 billion in credit support for this program, available only for school years 2021 to 2022.