SSS releases P115.53M for educational loans

The social security system (SSS) disbursed more than 115.53 million pesos for education loans from January to June 2021, or 52.5% or 39.75 million pesos more than the outflows of the ‘last year.

Over 6,500 requests for tuition financing assistance were received by the pension fund during the same period.

“Flexible learning during the new normal comes at additional expense – especially for our students who need to purchase or upgrade their laptop / computer / tablet as well as select a good internet plan for a more stable connection Despite the virtual and difficult setup, SSS continues to offer the Student Loan Assistance Program to provide opportunities for our members and their beneficiaries who wanted to complete their education, ”said SSS President and CEO, Aurora Ignacio.

The SSS Educational Assistance Loan Program (EALP) was implemented in 2012 to help borrowing members and their covered beneficiaries cover their tuition fees for undergraduate / college degrees, as well as courses professional or technical. Initially, it has a total budget allocation of 7 billion pesos, of which 50 percent came from the national government and the remaining half from the SSS.

Eligible borrowers are those under the age of 60, whose actual monthly basic income is P 25,000.00 or less, and with at least 36 posted contributions, six of which were recorded in the last 12 months prior to the month of filing their EALP application. . Payment of other existing member loans must be updated to be eligible for the EALP program. Those with overdue accounts with SSS are disqualified.

The beneficiaries covered are the borrowing member, their legal spouse, their legitimate / illegitimate or legally adopted children, and the brother or sister of the borrowing member, if their marital status is single, including half-siblings.

For more information, members can follow the SSS Facebook page on “Philippine Social Security System”, the Instagram account on “mysssph”, the Twitter account on “PHLSSS” and the SSS Viber community “MySSSPH Updates “.