SSS Educ-Assist loan allocates P7B for beneficiaries

MANILA, Philippines - The Social Security System (SSS) on Monday said as of Nov. 30 this year, its P7-billion Educational Assistance (Educ-Assist) loan window has been fully allocated to assist 59,600 beneficiaries of 55,000 SSS members.

“By design, the Educ-Assist loan program has a finite funding capacity, and we have already committed the funds for existing student-beneficiaries to ensure that their schooling is fully financed until they graduate,” SSS President Emilio de Quiros said.

He added that applications for subsequent releases will still be processed until the maximum allowed releases are met.

The Educ-Assist program was launched last year with the goal of establishing itself as a revolving fund that will finance the education of students in technical and vocational courses and college.

Those who availed the loan have up to three years to repay the loan for vocational and technical courses and up to five years for college degrees.

Since the program only started in 2012, SSS has yet to collect repayments as benefiaries are still studying.

“We are nonetheless pleased that so many of our members took advantage of this loan program to better themselves, their siblings or their children through education. We are glad that we were able to send so many student-beneficiaries to college, vocational and technical courses,” de Quiros said.