Sss Educational Loan: Fill & Download for Free

Most government student loan programs in the Philippines are only available to lower-income families with household income of less than PHP25,000 per month, such as CHED’s SNPL, the SSS Educational Assistance Loan, and the GSIS Educational Assistance Loan.The CHED-funded Study Now, Pay Later program provides a maximum of PHP15,000 per year, at rates of 6% per annum. You’ll need to submit your parents’ latest Tax Income Returns, among other documents, at a CHED Regional Office to apply. (http://ched.gov.ph/apply-ched-student-financial-assistance-programs-stufaps/)If your parents are formally employed, SSS or GSIS members, and have made consistent contributions, they may be able to apply for an Educational Assistance Loan for your tuition. The SSS Educational Assistance Loan has a maximum limit of up to PHP20,000 per semester, while the GSIS Educational Assistance Loan is a one-time loan of up to PHP10,000. Both have rates of 6% per annum, and payment is required to start 18 months after release, with a maximum of 5 years to repay. They can apply for the Educational Assistance Loan over the counter at any SSS or GSIS office. (SSS and GSIS website)Some schools will have their own tuition loan programs or installment/promissory note systems. You can probably ask at your school’s finance office or cashier for how to apply and the requirements you’ll need to submit. Some schools will require you to pay off the loan beforeIf one of your parents earns at least PHP50,000 monthly, and have credit cards, your parents can also look into personal bank loans to cover your education needs. Bank loans can be applied for online or in person at any branch, and typically have rates of 16%-24% per annum, with payments starting immediately. Parents who are members of cooperatives can sometimes also apply for emergency loans for education if they have saved-up capital. Coop loan rates can go from 18% to 36% per annum. Application is usually done at in person at the cooperative.If you need funding for more than just tuition, InvestEd’s Student Loan Program is the first private student loan company in the Philippines that is designed specifically for students. You can submit an online application for tuition loans, gadget loans, allowance loans, and more through InvestEd’s website at www.invested.ph. Students are offered multiple loan options depending on their need - such as repayment only after graduation. Similar to cooperatives and Microfinance institutions, InvestEd Student Loans have an interest of 2% to 2.9% monthly. InvestEd also provides students with trainings, workshops, and other opportunities to teach them how to repay their loan and help them with securing employment post-graduation, and can even advise interested students on facebook (m.me/investedph) on their best options for education financing.

In the Philippines parents can choose between a private or public school education for their kids. There are many private schools that try to entice middle- and upper-class families, but several wise and frugal couples see the advantages of a public school education from pre-school to high school so college or university won’t be too much of a financial burden.Public schools charge very minimal tuition fees, but students need to have a fund for school supplies, backpacks, school shoes, uniforms, and the annual field trip, which isn’t a strict requirement at all but “an option.”We have one state university that has campuses nation-wide, but it also has the strictest academic standards. The three other top universities’ tuition rates vary according to courses or majors (Php43,000-Php48,000/semester, some go up to Php60,000/trimester). Other colleges charge more affordable tuition — around Php24,000-Php28,000/semester.Our government offers financial assistance in the form of various scholarships, and private establishments also do their part. An employee who is an SSS (Social Security System) member can avail of educational loans every semester.

Planning for a child’s future is one of the most important financial goals. In the case of a girl child, most parents are trying to plan for two things:Education - Undergraduate, Postgraduate: Cost of education has been going up globally. In India, we have seen the cost at the best institutes rise by 10–15x over the last decade.Marriage: Culturally, parents still like to plan for this. This is a major expense that most parents are likely to incur somewhere between the age of 25–32 years post the child is bornMy guess is that you are also thinking on similar lines. Let me first start off by what you should be avoiding:Avoid all kinds of insurance plans/ Child insurance plans that your bank manager, LIC uncle/aunt might be pushing your way.Setting-up long term FDs - they give poor returns and are meaningless in today’s world post inflationI have written about ULIPs/ Endowment plans (Prateek Mehta's answer to Can I invest in this plan "ICICI pru savings suraksha" for my four-year-old daughter? and Shocking: What ULIPs do to your savings – Upwardly) in the past.I would suggest that you set-up two financial goals (for Education and Marriage) on a good goal-based investing platform[1][1][1][1].Alternatively, you can also pickup some interesting equity mutual fund themes and let the markets produce good returns for you. Would recommend equity as your investment horizon is longer than 5 years.All the returns from equity funds/ investments are 100% tax exempt if you are invested for more than 1 year.For some short term goals like creating a corpus for school admissions or yearly family vacations, you can also invest in Corporate Bond funds. I have shared the top corporate bond funds here. If you are invested for more than 3 years, you will get benefit of indexation which can reduce your tax impact to 3–5%. You can read about indexation here: What is indexation?You can also balance risk and safety by investing in good portfolios of Balanced funds. There are various options available in the market depending on the balanced between equity and debt that you might want to strike. This is a good strategy to take for a 3–6 year investment horizon. Returns on all options on the link will have 100% tax exempt if you are invested for more than 1 year.The other option that you will hear about is Sukanya Samridhhi Scheme. It is one of the options under the section 80(c). Depending on your EPF/ PPF/ Home Loan principal amount, you can decide if you want to invest in Sukanya Samriddhi Scheme (SSS). I would not advice investing here if your limit of 1.5 lakhs is already getting breached by your allocations to EPF/ home loan etc. The current interest rate is 0.5% better than PPF but the lock-in in SSS is longer. You can consider substituting part of your PPF investment into SSS.But start investing for the long term and set-up goals/ equity linked portfolios towards the long term goals for your daughter.Footnotes[1] Upwardly: Invest in Best Mutual Funds Online[1] Upwardly: Invest in Best Mutual Funds Online[1] Upwardly: Invest in Best Mutual Funds Online[1] Upwardly: Invest in Best Mutual Funds Online