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GSIS Now Offers 100K Educational Loan

GSIS retirement

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30 views19 pages

GSIS Now Offers 100K Educational Loan

GSIS retirement

Uploaded by

Hero Mirasol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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GSIS now offers 100K

Educational Loan
In response to the call of President Duterte for credit
support to education in light of the economic effects of
the pandemic, state pension fund Government Service
Insurance System (GSIS) President and General Manager
Rolando Ledesma Macasaet announced that GSIS is
opening today a Php20 billion study-now, pay-later loan
program for the college education of GSIS members’
kins.
“We will allow GSIS members who
have at least 15 years of government
service to avail of an educational
loan for their kins in college.
The loan has a term of ten years but
we will not require them to pay
anything in the first five years.
So they don’t have to worry about
the tuition of their children for the
first five years,“ Macasaet explained
in a radio interview.
Under the GFAL-Educational Loan
(GFAL-EL), the maximum amount
that may be borrowed per academic
year is Php100,000 covering tuition
and other school fees. The interest
rate is only 8%.
A GSIS member may nominate up to
two student-beneficiaries under the
program.
The two must be related to him or
her up to the third degree of
consanguinity or affinity and
enrolled in a four-or five-year course
in a private or public educational
institution.
The loan proceeds will be directly
paid to the school under the
student’s account every semester or
trimester until the beneficiaries
finish their courses.
Members, including special
members, who have at least 15 years
of service may apply for the loan.
They must not be on leave of absence
without pay, have no pending
administrative or criminal case, and
have no past due GSIS loans (including
housing loans).
They must also meet the required net
take-home pay of Php5,000 after
deduction of their monthly premium
contributions and loan amortizations,
and their agencies must not be on
suspended status.
“The loan has an insurance
cover to protect the interest
of the borrowers and their
student-beneficiaries.
Thus it will be deemed fully
paid in case the member or the
student dies or becomes
permanently and totally
disabled,” Macasaet said.
The documentary requirements for GFAL-
EL are: (1) properly filled-out application
form signed by the member-borrower and
duly indorsed by his or her agency’s
authorized agency officer;
(2) photocopy of the latest
tuition fee assessment form;
(3) photo copy of school ID
(front and back) with three
signatures of the student-
beneficiary.
If the school ID is not available,
the borrower may submit any
valid government-issued ID
with photo, signature and date
of birth of the student.
If the member has a second
student-beneficiary, the same
documents are required to be
submitted.

Source: GSIS

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