MANILA, Philippines - The state-owned Government Service Insurance System (GSIS) will reopen its educational assistance window to all active members, starting tomorrow, April 1.
Active members, regardless of salary grade, may apply for the financial aid amounting to P4,000, the GSIS said in statement.
The loan carries a six percent interest rate and does not require any approval from the employer.
“Parents are hard-pressed on schooling costs at this time of the year. Under the educational aid program, GSIS lends a helping hand to members by defraying their children’s education expenses,†said GSIS president and general manager Robert G. Vergara.
Members who avail of the educational assistance program will start paying a P20 monthly amortization three months after the loan is granted.
The agency launched the new loan program last year following Aquino’s announcement on Labor Day, directing both the GSIS and Social Security System to establish an educational assistance fund for their members.
The GSIS has released over P2.45 billion under the program, benefitting more than 600,000 state workers.
It also recently opened 200 slots under the GSIS Scholarship Program for academic year 2013-2014. Government employees earning approximately P50,000 or below may nominate their children to the program, if they are incoming freshmen in any university or college, accredited by the Commission on Higher Education.
A GSIS scholar is entitled to tuition and miscellaneous fees not exceeding P20,000 and a monthly stipend of P2,000.
Loan application forms may be obtained from any GSIS office or downloaded from the GSIS website: www.gsis.gov.ph.