MANILA, Philippines - The Social Security System (SSS) has started giving out educational loans for its members.
Luz Generoso, SSS Lending and Asset Management Head, said 200,000 members would benefit from the Education Assistance Fund which may be used for four-year degreee programs and technical/vocational courses.
For four-year courses, SSS members will receive P15,000 per semester with six percent interest payable within five years after the beneficiary's graduation.
Meanwhile, for two-year courses, members will get P7,500 per semester with six percent interest payable within three years after graduation.
Generoso said only SSS members with a monthly salary of P10,000 or less can avail the loan, with each member having only one beneficiary. Katherine Manalo