For educational loan program SSS lowers requirements

CEBU, Philippines - The Social Security System (SSS) amended its requirements for educational assistance loan program to make it easier for the members to avail.

SSS President and Chief Executive Officer Emilio S. De Quiros Jr. has issued Circular No. 2013-004 amending the previous terms and conditions of the program.

The new rules bring down the minimum requirement to only 12 monthly contributions instead of the 36 months it earlier imposed.

Based on the amended rules, the applicant shall have at least 12 posted monthly contributions with at least one contribution within the last three months prior to the date of the loan application.

Those without at least one contribution for the last three months shall be allowed to pay and present proof of payment. The maximum amount of income for the applicant has been increased from P15,000 to P25,000.

Once the application is approved, the member's beneficiaries can avail of the P20,000 maximum education loan assistance per semester if they are enrolled in degree courses and up to P10,000 for those enrolled in vocational or technical courses.

Married members are allowed two beneficiaries who shall be the member himself, his or her spouse, their children legitimate or illegitimate, but no substitution of beneficiary shall be allowed.

The check however shall be payable directly to the school although it shall be released through the member applicant. — (FREEMAN)