CHED-7 supervising education program specialist Nitz Lapingcao said that in the region, the program has a total budget allocation of slightly over P17 million 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 availed of the program totaled 2,333 followed by Negros Oriental with 320. Bohol had 289 college students who loaned under the program while Siquijor had 63 recipients.
But Lapingcao said that before a student can 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 can be paid off in four years 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 further said that 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 to benefit other students in dire financial help.
STUFAP, launched in February 2004, enables college students in their 3rd and 4th year levels to loan money to help pay off for their tuition fees, books, board and lodging among their other crucial needs. - Jasmin R. Uy