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Philippines - Guidance To Apply Student Loan

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Procedure[edit]

Student Loans in the Philippines - Banks

  1. In reviewing loan applications, banks will usually take into consideration the applicant's character, capacity to repay the loan and ability to comply with the bank's conditions. To help them evaluate your application, they might ask you to present some form of identification or evidence that you are currently enrolled in an educational institution.
  2. For banks to know how much you will need to borrow, they will need a computation of your tuition fees, accomodation fees if there's any, school materials etc. Banks may also ask you to provide information about your income/parent's income.
  3. Search online for banks that have student loan schemes or offers personal loans for education in the Philippines.
  4. Check if you can start your application online. Some banks will ask applicants to complete a preliminary application online. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.
  5. Some banks have the 'Application for a Loan Form' available on their website, read the form carefully as you fill in the required details and bring it with you when you apply for a loan at the bank's branch along with all other required documents.


Things you should know before applying for a loan:

Before you apply for a loan, carefully take note of the interest rate, conditions and repayment scheme that the bank is offering. It will be better if you look into several banks and have done some research regarding the banks application process. One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, since this type of loan can take years of continuous correspondence between you and your bank, it will be much better if your bank has a good and accommodating customer service, this will save you from a lot of stress in the future.

Tip: You may not need to accept the entire loan amount the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.



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Required Documents[edit]

List down the documents required for successfully completing the procedure.

e.g.
1. Proof of child birth from the Hospital.



Office Locations & Contacts[edit]

Department of Education
DepEd Complex, Meralco Ave.,
Pasig City, Metro Manila
Secretary of Education : 8633-7208 8633-7228 8687-2922
Regional Offices


Commission on Higher Education
Higher Education Development Center Building,
C.P. Garcia Ave, Diliman, Quezon City, Philippines
Public Assistance and Complaints Desk – (02) 8441-1260
CHED Hotline – 0999-4445-996
Email: info@ched.gov.ph

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Eligibility[edit]

Provide eligibility criteria's for going through this procedure.



Fees[edit]

Explain the fees structure which is required for obtaining the certificate/document.



Validity[edit]

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e.g. Birth Certificate Valid Forever



Documents to Use[edit]

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Sample Documents[edit]

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Processing Time[edit]

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Related Videos[edit]

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	



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Instructions[edit]

Student Loans in the Philippines - Banks

Some banks in the Philippines developed a Student Loan Facility to provide students the opportunity to pursue college/university education.

  • Loan Amount: Some banks offer full tuition coverage.
  • Loan Duration: A loan term equivalent to the duration of the program plus five (5) years.
  • Repayment: For some banks, repayment terms begins three (3) months after graduation.

The Student Loan Program may have been created by the bank in partnership with a specific school, it will be better if you will get in touch with a bank representative to check if securing a student loan is possible. You can also inquire in your school first, some universities and colleges also provides financial aid to their students in the form of a scholarship, grant or loan.



Required Information[edit]

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.



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Need for the Document[edit]

Designed to help students pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower and repayment of the loan may be deferred while the student is still in school.

Some banks offers this specific type of loan to their customers. A student loan can also be obtained through a government student loan program, this may not be the case in all countries so it will be better if you will check first if such program exists in your country.

Following is a guide on how students can apply for a loan or seek financial aid in the Philippines.



Information which might help[edit]

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Other uses of the Document/Certificate[edit]

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e.g. Birth Certificate can be used as proof of identity.



External Links[edit]

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Others[edit]

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