Study-now-pay-later loans reach P719.86M

The Social Security System (SSS) has released a total of P719.86 million in “study-now, pay later” loans for student-beneficiaries of more than 38,000 member-borrowers who had availed themselves of the SSS Educational Assistance (Educ-Assist) Loan Program since its launch in 2012.

SSS President and Chief Executive Officer Emilio de Quiros Jr. said in a statement that the Educ-Assist program, which is a joint project of the SSS and the national government (NG) involving a P7 billion amount funded on a 50:50 basis, provides loans at affordable terms for tuition and miscellaneous fees for college, vocational and technical courses. It has funded the education of 39,970 students as of July 31.