GSIS reopens educational loan
Date Posted: 2013-03-27 15:31:50
State pension fund Government Service Insurance System will reopen Monday, April 1, its educational assistance window to all active members who did not avail of the 2012 GSIS Educational Assistance Program.
"Parents are hard-pressed on schooling costs at this time of the year. Under the educational aid program, GSIS lends a helping hand to members by defraying their children's education expenses," said GSIS President and General Manager (PGM) Robert G. Vergara.
Active members, regardless of salary grade, may apply for the financial aid amounting to Php4,000. The loan carries a six percent interest rate and does not require any approval from the employer.
The member will start paying a Php20 monthly amortization three months after the loan is granted.
GSIS launched the new loan program last year, following the Labor Day announcement of the President, directing both GSIS and SSS to establish an educational assistance fund for their stakeholders.
More than 600,000 state workers availed themselves of the educational loan. GSIS has released over Php2.45 billion under the program.
The pension fund also recently opened 200 slots under the GSIS Scholarship Program for academic year 2013-2014. Government employees with salary grade 24 (earning approximately Php50,000) or below may nominate their children to the program, if they are incoming freshmen in any university or college, accredited by the Commission on Higher Education. A GSIS scholar is entitled to tuition and miscellaneous fees not exceeding Php20,000 and a monthly stipend of Php2,000.
Loan application forms may be obtained from any GSIS office or downloaded here.
Questions on the educational assistance programs may be directed to the GSIS Contact Center at 847-4747.