The Social Security System (SSS) has announced that as of November 30, 2013, the P7-billion Educational Assistance (Educ-Assist) loan window has been fully allocated to about 59,600 student-beneficiaries of more than 55,000 SSS members who availed themselves of Educ-Assist loans.
“By design, the Educ-Assist loan program has a finite funding capacity, and we have already committed the funds for existing student-beneficiaries to ensure that their schooling is fully financed until they graduate. Applications for subsequent loan releases from previously-approved loan-borrowers will continue to be processed until the maximum allowed releases allocated to the student-beneficiaries are exhausted,” the SSS explained.
Launched in 2012, the Educ-Assist program has P7-billion in funding that is comprised of P3.5 billion from the national government and P3.5 billion from the SSS. The loan program is envisioned to serve eventually as a revolving fund that may benefit more borrowers once the loan amounts are recovered and collected. But that would take a couple more years as majority of the loan-beneficiaries have yet to finish schooling before the repayment period starts.
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