3T CV studes avail of financial aid program

About 3,005 college students in Central Visayas have benefited from the government's Student Financial Assistance Program, the Commission on Higher Education said.

CHED-7 supervising education program specialist Nitz Lapingcao said that in the region, the program has a total budget allocation of slightly over P17M that was divided among 71 recipient colleges and universities in Cebu, Bohol, Negros Oriental, and Siquijor.

Out of the 71 tertiary institutions, 41 were Cebu-based, 15 in Negros Oriental, 13 in Bohol, and three in Siquijor.

The amount of money disbursed by CHED-7 to recipient schools is done on a pro-rate basis, meaning it would entirely depend on the number of enrollees of a particular school. Cebu's 41 recipient-schools cornered the biggest budget with P12,152,480 followed by Negros Oriental with P2,769,352. Bohol's budget amounted to P1,592,996, and Siquijor with P312,000.

Cebu's student-beneficiaries who have availed of the program total 2,333 followed by Negros Oriental with 320. Bohol has 289 college students who loaned under the program while Siquijor has 63 recipients.

Lapingcao however said that before a student could avail of the program, he or she must first get a guarantor who is a member of either SSS or GSIS. The student is also requested to sign a contract with the school for the terms of payment of the loan. The loan at zero interest rate could either be paid two to four years after graduation depending on the amount.

The maximum loanable amount per student is P8,000 per semester while the total amount of the loan could be paid off in four years time while lesser than this amount could be paid in two years, according to Lapingcao who also acts as the regional scholarship coordinator of CHED-7.

The CHED-7 official said some schools however encourage students to pay off their loan even in installment basis as soon as they can so that the seed money can be rolled for the benefit of other students.

STUFAP, launched in February 2004, enables college students in their 3rd and 4th year level to loan money to help pay for their tuition, books, board and lodging among their other crucial needs. -Jasmin R. Uy