The Government Service Insurance System (GSIS), under the GSIS Financial Assistance Loan, is offering an Education Loan Program for all qualified GSIS members who have children or dependents who are in their tertiary education. More commonly known as the ‘study now, pay later’, the GSIS Education Loan provides financial assistance to students pursuing their college degrees.
GSIS Education Loan Features
A maximum amount of PhP 100,000.00 for each school year or a total of PhP 500,000.00 for a five-year course may be availed through the GSIS Education Loan.
The loan is payable for ten (10) years with an 8% interest rate per annum. What is unique for this loan program is that borrowers are given a grace period of five (5) years! Meaning, the repayment shall only begin on the sixth (6th) year of the loan.
What are the eligibility requirements?
The GSIS member must be an active member for at least 15 years. He/she may nominate not more than two (2) beneficiaries of the loan.
The student-beneficiaries must be:
- Filipino citizen;
- Relative of the member-borrower;
- Enrolled in an undergraduate course with a maximum study period of five years; and
- Agrees to become the co-maker on loan once reached the legal age.
What are the documentary requirements?
- Education Loan Application Form;
- Tuition Assessment Form or Enrollment Form; and
- Copy of School ID with three signatures of the student on the same page or any ID bearing the birth date, picture, and signature
How to apply to the GSIS Education Loan Program?
- Download the application form and accomplish it completely.
- Prepare the scanned or photocopies of all the required documents.
- Submit the requirements through the following methods:
- The GSIS Handling Branch Employee shall contact you for:
- Tentative loan computation; and
- Loan Counselling Session.