Date Posted: July 21, 2014
State pension fund Government Service Insurance System (GSIS) reminds grantees of the “Study Now, Pay Later” (SNPL) and “Fly PAL, Pay Later” (FPPL) programs that they have until July 24, 2014 to apply for condonation.
Under the condonation program, SNPL grantees (and their co-makers) and FPPL borrowers will enjoy a 100% condonation of all surcharges if they would pay their outstanding balance in full.
The program gives grantees and borrowers three months after the submission of their application to pay their outstanding accounts in full. If the full amount is not settled within three months, program availees may resubmit their application form before July 24, 2014.
The computation of the loan interests will be up to the month of full payment.
SNPL is an educational program that was implemented in 1976. This later evolved into the Educational Assistance Loan (EAL) approved in 1988; and in 1998, the program was amended by RA 8545, an act providing assistance to students and teachers in private education.
A similar credit facility for travel assistance was offered by GSIS under the Fly PAL, Pay Later (FPPL) Program, which ran from 1978 to 1989.
All SNPL grantees and FPPL borrowers with outstanding accounts have been informed of the condonation program through a letter from the GSIS. Interested borrowers may visit the nearest GSIS branch office or call the contact center at 847-4747 for more details.