Close to 4,000 students in Central Visayas will stand to benefit from the P1-billion fund that Malacañang has allotted for scholarships and student loans, a Commission on Higher Education official said during the consultative meeting of school heads held at the Cebu Midtown Hotel yesterday.
CHED Commissioner Nona Ricafort explained that the outlay will be equally divided for student loans and scholarships, collectively known as Katas ng VAT, Pantawid Pag-aaral programs.
Ricafort said each qualified student is entitled to a one-time loan of P8,000 without interest under the Student Assistance Fund for Education for a Strong Republic Program.
“Divide the P500 million with P8,000 and that will approximate the students that will benefit from the loans. That is 62,500,” Ricarfort said.
She said the loan program targets third year or fourth year college students nationwide to lower the college dropout rate.
“It would be unfortunate if these students fail to finish their courses due to lack of money as they are close to completing their degree,” Ricarfort added.
She said the loan can be used to cover tuition, books, projects and other expenses.
“This loan will be paid by students upon their graduation. Their respective schools will be the one to collect them. This is a revolving fund,” Ricafort said.
She explained that beneficiaries will be asked to sign a memorandum of agreement with the school that they will pay the loan after two to five years.
The P500-million scholarship fund will be divided as follows: P300 million for state universities and colleges and P200 million for private schools.
Ricafort said qualified students from state colleges will receive P15,000 per year, while students from private educational institutions will get as much as P30,000.
In addition, if the P200-million funding for private schools will be divided by P120,000 or the amount that each private student will need to finish a four-year degree, it will translate to 1,666 beneficiaries.
Ricafort said the other half of the scholarship fund will prioritize students who wish to pursue agriculture, fisheries and other related courses.
“We have duly apportioned the P500-million scholarship fund: P300 million for agriculture, fisheries and related courses and the balance of P200 million earmarked for priority courses such as English, Math and Science courses” she explained.
The P1-billion fund for the Katas ng VAT, Pantawid Pag-aaral program is part of the P4 billion allotted by Malacañang to measures designed to mitigate the impact of rising oil prices. The money came from the VAT on oil from January to April. — Jasmin R. Uy/BRP