Back on April 17, 2019, the Commission on Higher Education (CHED) and Development Bank of the Philippines (DBP) agreed to a memorandum called the Universal Access to Quality Tertiary Education Act or Republic Act. No. 10931. This is essentially a student loan assistance program aimed at both undergraduate and graduate students to help them pursue their education.
With the help of this program, students can loan an initial amount of 60000 PHP which can be spent on anything education-related such as tuition fees, books, school fees, and other school materials.
The process of application has been made convenient, the students can apply for a loan through their universities who will then forward the documents to CHED for processing. After this stage, the DBP will then advise qualified students to open bank accounts at the DBP branch in their area.
At least in the Philippines, loan programs sponsored by the government has a limited budget and therefore not everyone can avail so students who want to get a loan will have to opt for alternatives. Getting student loans is reserved for those who needed them the most and proof of income is required to show that the parents/student cannot pay the required tuition fees.
Bad credit can also make Student Loan Philippines difficult to get a loan especially for private schools and thus the student will either have to pay a higher rate or get around this by having a co-signer. This will lower the rate and increase the student's chances of getting a loan.
If you are a student looking to get into tertiary education or you are enrolled in college for some time now and are short in cash, you may not have the time to source funding, considering busy school schedules. Wouldn't it be great if there's a means to speed up your search? We mentioned the DBP earlier as one of the banking institutions that provides students loans but there are others out there that may tick your interest. So should students start trading their school time to schedule visits to different financial institutions? Not quite. Upfinance is a powerful tool that students and professionals alike can use when trying to find the right bank for all their banking needs.
Through the use of this UpFinance, potential borrowers can filter banks based on the loans they need. It offers a handy utility for calculating the monthly payment for a specific interest rate and term. UpFinance is also a convenient platform to jump between different banks as you make comparisons. With this tool, students don't have to physically visit different banks especially now; and instead can use the precious time to focus more on their studies without having to worry about scheduling visits to these banks to make inquiries. Finally, if you are a student, undergraduate, or finishing your master's degree, and you need additional financial help make sure to only borrow from the right sources to ensure you don't get ripped off and risk ruining your education.Click here for further information