During a recent barangay forum in Roxas City, Social Security System (SSS) branch manager Rene Moises Gonzales discussed the educational assistance loan program (EALP), a student loan program available to eligible SSS members.

“Loan beneficiaries can be SSS members, including their legal spouses or children.” he explained. “Unmarried members can have their siblings as beneficiaries.”

Qualified borrowers must be under 60 years of age; earn a monthly income of P25,000 or below; and have made at least 36 contributions, with six posted within 12 months prior to submitting their EALP application.

A maximum P20,000 per semester can be borrowed for a degree program, while a maximum of P10,000 per semester is permitted for vocational/technical programs.

Interest accrues at six percent per annum, or annually. In addition, borrowers will be assessed a two percent maintenance charge.

Repayment terms can stretch up to five years and varies based on the outstanding principal./WDJ