Monday, June 3, 2013

SSS Study Now Pay Later Plan Program - The Deleted Tuition Fee Loan in the Philippines

If I remember it right, I had a best friend and a classmate named Patricio Montemayor who was once a recipient of the Study Now Pay Later Plan Program of the SSS. This is a type of tuition fee loan wherein the qualified applicant can get or reimburse a certain amount of money called loan and he will be paying after he graduates from college.

My friend, again is one of those who were so lucky to get a hold of this type of loan offered by the Social Security System in the Philippines back in 1984, the time I went in college and met other scholars at the Scholar's Club in Technological University of the Philippines (TUP) formerly PCAT and PSAT back in the 70's and 80's.

In the program or type of loan, the student who is a beneficiary of a regular pension holder or member can apply and qualify provided he or she pass certain pre-qualifying requirements. If he or she passes, then an application will be filled up and soon after the first semester enters, the applicant will get his or her cash loan which is said to be paid after he or she graduates and receives first paycheck under a promisory note as part of an agreement.

Sadly, this type of tuition fee loan which has become the most popular government initiative programs for students and their parents is no longer offered today. I hope the Philippine government will have a replacement to this loan offer in the coming years so qualified applicants can avail of the program.

No comments: