GSIS offers educational loans

MANILA, Philippines - Active Government Service Insurance System (GSIS) members have until Dec. 27 this year to apply for educational assistance loans.

All active members, regardless of salary grade, length of service and status of agency and member accounts, are entitled to avail of the educational assistance loan amounting to P4,000.

The loan is payable in five years, with six percent interest per annum. The amortization for 59 months is P20 per month or P240 per year, with the first monthly amortization to start three months from the grant of the assistance.

Eligible members may file their application over the counter or through their agency’s liaison officer. Certification from their agency authorized officer or endorsement from their respective agencies is not required, the GSIS said.

The GSIS Educational Assistance Program (EAP) was launched in 2012 following the Labor Day speech of President Aquino, instructing both the GSIS and Social Security System to generate an educational assistance fund for their stakeholders.

GSIS president and general manager Robert Vergara said that through the EAP, the GSIS has been helping members defray their children’s education expenses.

Vergara said over P2.49 billion has been released under the program.