SSS Educational Loan
Need an educational loan? You may avail of the Social Security System educational loan with a maximum of Php20,000 loan amount per semester/trimester/quarter for students pursuing Degree Courses and Php10,000 maximum for those taking up Vocational / Technical Course.
You can Qualify for SSS Educational Loan if you meet the following requirements:
- Currently employed or currently contributing self-employed or voluntary member.
- Has at least 1 year or 12 posted monthly contribution.
- Actual salary or income is not more than Php25,000.
- If you have a SSS Salary/Housing loan, payment of amortization is up-to-date. If overdue amount, it should not exceed 3 monthly loan amortization.
SSS Educational Loan Beneficiaries:
- Member-borrower
- Child of SSS member (inlcuding illegitimate)
- Sibling including half-brother/sister(if unmarried)
- Legal Spouse
- Note: Married members are allowed to have 2 beneficiaries: member himself/herself, his/her spouse, his/her children.
- Substitution of beneficiary is not allowed.
Before applying for SSS Educational Loan please take note of the following:
- INTEREST RATE / PENALTY: 6% per annum based on diminishing principal balance until fully paid. If your total loan for a year is Php40,000 then your interest is Php2,400.
- 1 % penalty per month shall be charged for any unpaid amortization.
- The school where the beneficiary applied for enrolment should be accredited by CHED and TESDA.
- Repayment Terms:
- FOR DEGREE COURSE. The term is up to 5 years and loan payment shall start
- after 18 months for semestral courses
- after 15 months for trimestral courses
- after 14 months & 15 days for quarter term courses
- from the scheduled date of last release.
- FOR VOCATIONAL / TECHNICAL COURSE. The term is up to 3 years and loan payment shall start
- after 18 months for semestral course
- after 15 months for trimestral courses
- from the date of last release.
- Other Conditions:
- SSS Number shall be issued to a non-member beneficiary for the purpose of tracking him when he is employed in the event of the deliquency of member-borrower.
Applying for SSS Educational Loan
- Prepare the following documents:
- SSS ID or 2 valid IDs
- Accomplished application form.You can download it here.
- Assessment / billing statements issued by the school of member / beneficiary.
- Proof of monthly salary/income : pay slip / pay envelope or employer's certification (For employed)
- Income Tax Return or affidavit of income (For self-employed / voluntary paying)
- Note: for subsequent loan application. Use this form.
- Go to your nearest SSS branch. Since SSS is now centralized, you can apply for loan in any branch that is most convenient for you.
- Keep the acknowledgment stub which will be given to you by the SSS employee.
- Optional: After 1 week, login to SSS Website: www.sss.gov.ph to check the status of your loan.
The check shall be payable to the school and shall be released to you.
As soon as the check has been encoded you can go directly to the branch where you applied for loan and get your check. The check will be delivered to your address.
*For subsequent application for SSS educational loan. There might a problem with the SSS online system. They might manually encode your information to the system so be sure to give your updated contact number to the SSS personnel.
QUESTIONS / SUGGESTIONS?
Don't hesitate to leave a comment below or email me @ lizducos17@gmail.com
