How to Avail of the National Student Loan Program for Your University Education
Good News Pilipinas lists the guidelines for availing of the country’s National Student Loan Program which will go on full implementation mode with the inking of an agreement between the Commission on Higher Education (CHED) and the Development Bank of the Philippines.
The newly launched Student Loan Program for Tertiary Education-Short Term Basis (SLPTE-ST) initiated by the Commission on Higher Education (CHED)/Unified Student Financial Assistance System for Tertiary Education (UniFAST) Memorandum of Agreement with the Development Bank of the Philippines was signed on April 17, 2019.
CHED and UniFAST Chairman J. Prospero E. De Vera III and DBP Executive Vice President Fe Susan Prado signed the MOA to provide timely and automated disbursement requirements for Universal Access to Quality Tertiary Education Act or UAQTEA’s SLPTE-ST and other scholarships, grants and financial assistance programs.
“This partnership between CHED/UniFAST and DBP is the long-awaited final component of RA 10931 to help needy students pursue undergraduate and graduate studies in public and private schools by providing them short term loans for their education needs,” De Vera said in the CHED release.
SLPTE-ST is one of the programs under Republic Act 10931 or the Universal Access to Quality Tertiary Education Act (UAQTEA) with a PhP 1 billion for AY 2018-2019.
Here are the guidelines for availing of the National Student Loan Program:
- Available for students with liquidity problems
- For those who are enrolled in state universities and colleges (SUCs), CHED-recognized local universities and colleges (LUCs) and private higher education institutions (HEIs) that are listed in the UniFAST Registry of Institutions and Programs
- The SLPTE-ST is given to qualified student beneficiaries during the enrollment period at the beginning of a particular term
- It must be paid within the payment loan term period of twelve months
- An initial maximum loanable amount of Php 60,000 may be used by the SLPTE-ST student beneficiaries for tuition fee and other school fees, books, tools, equipment, stipend, and/or review payment for licensure examination
DBP, as a UniFAST partner in the disbursement of financial assistance grants, shall use a payment scheme called Direct Remittance Servicing System (DRSS) through its DBP Savings Account Debit Card that can be used in automated teller machines (ATMs) and point-of-sale (POS) terminals nationwide.