How to Apply SSS educational loan? Education is considered the key to unlocking the future.
However, there are many cases where students do not have sufficient finances, educational loans will provide financial support to cover tuition and other incidental expenses.
Retailasiaonline.com have compiled information about education loan for SSS Philippines, how to fill out the application form, and steps to get a loan in the article below.
- What is SSS educational loan?
- Who is qualified for sss educational loan Philippines?
- Sss educational loan interest
- Educational loan for sss Calculator
- Sss educational loan program maximum amount
- SSS educational loan requirements 2023
- How to fill up sss educational loan form?
- How to apply sss educational loan online?
- How to pay sss educational loan online
- How to avail sss educational assistance loan program
- Frequent Ask Questions
What is SSS educational loan?
An SSS education loan is a financial support loan for educational purposes provided by the Social Security System. The loan was launched in 2012 to help students in the Philippines cover tuition fees and other education expenses at preferential interest rates. The loan term lasts until the student graduates.
Who is qualified for sss educational loan Philippines?
Conditions to register for educational SSS loan are:
- Borrowers must be under 60 years old
- The average income is 25000 pesos and the maximum monthly payments are 15000 pesos.
- No bad debts/overdue debts.
- At least 12 posted monthly contributions with at least 1 contribution within the last 3 months prior to the date of the loan application.
Sss educational loan interest
Educational loan for SSS Philippines sponsored by the Government will be interest-free. The remaining amount funded by SSS will have an interest rate of 6%/year.
Educational loan for sss Calculator
Educational loan in SSS is approved for a limit of 10000 pesos/semester. In which, the Government supports 5000 pesos and SSS supports 5000 pesos with an interest rate of 6% year.
- After 1 semester, the interest rate of an Education Loan is 5000 x 6%/ 2 = 150 pesos.
- The total amount payable is 10150 pesos.
Sss educational loan program maximum amount
The limit of Education loan SSS Philippines for vocational technical courses for 2 years is up to 10000 pesos/semester, for degree courses up to 20000 pesos/semester. The maximum total loan amount can be up to 80000 pesos.
SSS educational loan requirements 2023
SSS educational loan requires borrowers to provide documentary procedures including:
- ID of SSS member or 2 other types of IDs.
- Application for an education loan.
- Payroll/payslip/personal income tax return if the borrower is self-employed.
- School Magnetic Assessment Report.
How to fill up sss educational loan form?
To fill up the SSS education loan form 2023, borrowers do the following:
- Use a slash or tick to select an answer from the list.
- Use circles to mark yes/no answer questions.
- Write the information and date in the corresponding blanks as required,
- Add a digital signature to complete the registration form.
How to apply sss educational loan online?
The steps of SSS educational loan application are as follows:
Step 1: Download the application form
Borrowers download the Education loan SSS application form online via the link: https://www.sss.gov.ph/sss/DownloadContent?fileName=mlp-01338.pdf
Step 2: Fill out the application
Please fill out the loan application form as required
Fully prepare the SSS student loan Philippines application procedure and submit it at the nearest SSS office.
Step 4: Wait for approval results
SSS will review the borrower’s profile and evaluate it. If the loan application is approved, the system will send a message or email notification.
Step 5: Receive the disbursement
The borrower goes to the MSS – Member Service Section of SSS to receive the disbursement.
How to pay sss educational loan online
SSS education loan payment follows the following steps:
Step 1: Wait for SSS notification email
Information about the payment amount, payment term will be sent to the borrower’s email.
Step 2: Use SS Form ML – 1
Borrowers use SS form ML – 1 (member loan payment return) to make payments. members need to fill in personal information including name, Social Insurance (SS) number, and select the payment type as “Educational”
Step 3: Make a payment
Members can make payments at SSS branches that offer tellering facilities or through banks accepted by SSS.
Note: Ensure that the information on SS Form ML-1 is accurate and complete to ensure a smooth and accurate payment process.
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How to avail sss educational assistance loan program
SSS educational loan program is an educational support program of the government and The Social Security System of the Philippines. This loan will support tuition and other fees for those who attend college or take technical/vocational courses and are struggling.
People who are active in the SSS or their beneficiaries (including spouses, children, siblings) can seek support through the EALP.
Frequent Ask Questions
Is SSS educational loan still available?
Yes. Educational loans in SSS Philippines are still operating and disbursing funds to provide financial aid, creating educational opportunities for college or vocational technical students who are struggling. This loan is jointly supported by the Government and SSS, the interest rate is low, the period lasts until the student graduates.
Can I apply SSS education loan online?
SSS has yet to give borrowers the ability to make an online application. The borrower will download the loan application form and fill out the form. After that, the borrower will submit the complete application package directly at the nearest SSS service counter.
SSS educational loan is a cash payment of financial aid to students who are experiencing financial difficulties. The loan has been provided by the Government and the Social Security System since 2012. The maximum loan limit is 20,000 pesos per semester with an interest rate of only 6% per annum.
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