Your Guide to Student Loans in the Philippines

Everyone is aware that entering college could be very costly. It’s an investment in your future, and it’s something that should be handled as such. Hopefully, you have some sort of savings to begin. However, if not, that doesn’t mean college is beyond your reach.

Your Guide to Student Loans in the Philippines

Your initial step to securing your financial future is by applying for grants and scholarships. Such types of student assistance don’t need to be repaid. Thus, they’re going to be your best and first choice when it comes to paying college. The only issue with them is that not everybody qualifies. If you qualify, the amount you get might not be sufficient to cover your expenses. This is where student loans come to the rescue.

 

What is a Student Loan?

Student loans could be taken out by students to help pay for their college. Federal student loans have special requirements to help students with no to less credit to qualify. Refinance student loans are granted under the assumption that you must make a higher income and pay back the loans after you graduate. This is a good help to those young people whose parents cannot provide education in a prestigious university.

How Much Student Loan Can I Borrow?

The average maximum amount you could borrow through federal student loans is two million pesos as what bank promotes. The amount you could borrow will vary on your monthly income that must be approximately 20,000 pesos. Remember that different banks offer different conditions.

You could look at least 180,000 every year of tuition expenses for senior high school or college alone if you have an average of three kids per household with three years apart.

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Student Loans Are Supported by the Government

Did you know that the Development Bank of the Philippines have designed a special student loan facility? They refer to this as the Higher Education Loan Program for Students that aims to offer at least two billion pesos of educational aid to educational organizations throughout the country. The institution must choose the rightful students who can qualify.

A student could shield their expenses associated to the schooling with the loan. What’s more, this is the only program that is supported by the government. Students might apply for other programs, too, depending on their university.

Applying for Student Loan with Bad Credit

You will also find private student loan offers for borrowers with bad credit history. However, those have strict criteria. For instance, a student borrower should have a co-signer with a good credit history. They could be a friend, a relative or a family member with a good credit history. For example, parents or older brothers and sisters can help you. You could obtain this by getting in touch with some private student loans company. They could grant you a quick loan that will help you use your loans to pay for college.

Advantages of the Loan for Students

Below are some of the advantages of getting a student finance today:

  •       You can apply for a student loan wherever you are, via mobile phone or laptop;
  •       Low, fixed interest rate;
  •       No credit card check or progressing costs;
  •       Pay only one loan monthly instead of many student loans per month;
  •       Make monthly student loan payment electronically;
  •       Lower monthly payments;
  •       The loan can cover up to 100% of the training cost, including other fees included in the training cost.

Where to Get Student Loans

You will find a wide array of financial agencies that offer student loans. We can’t deny that the internet is loaded with options for you to choose from. But in case you’re in a hurry, we will offer you three refinance student loans you can consider today.

You could apply for a student loan to handle the amounts you’re due with Borrow.com.ph. Borrowers can easily pay for elementary, high school, or college fees with the student finance they are offering. If you are a parent and have promised to provide a child or young person who is still in school, you can apply for student loans here. A specialist will review your application and give you an answer.

Bukas.ph is dedicated to establishing a better tomorrow for every family by offering cheap payment plants for both students Your Guide to Student Loans in the Philippinesand parents. Their tuition installment plans have low-interest rates. Not to mention that it could be repaid in twelve months’ installment. This will allow the borrower to handle their finances better and concentrate on what matters to them.

Their Bukas Tuition Installment Plan could cover up to 100% of tuition with only 1.5 percent monthly flat interest rates. This plan offers a three percent service charge. They finance school and tuition fees of both Undergraduate and Graduate programs, which are administered by their partnered schools and universities.

To qualify, borrowers must be at least eighteen years old. They should be a student at one of their partner universities. Ultimately, the borrower must be a Filipino citizen to apply for a student loan.

Invested.ph offers student loans allowing you to handle your own education. They are giving students three benefits to deal with the obstacles seen in the majority of education financing options:

  • A Borrower Success Program
  • Customizable Payment Plan
  • Simple, Free and Convenient Application

Students can get as much as 100,000 pesos for their loans. But this will depend on their year in school, financial need, and application credit scoring, among others. Invested.ph charges a service cost of twenty-two percent of the education loan. The loan interest is 2.25% to 2.93 percent every month. With this company, every student can take control of their future.

Loan Requirements for Students

Every student loan company has its own requirements. Here are the following requirements you need to take note:

  •       A proof that you are studying in a local university
  •       You must have your own or rented housing
  •       You must not have any debts on other loans
  •       You must be a resident in the Philippines for at least 12 months

All requirements must be documented. You will provide them to a financial institution employee.

Student Loan Application Procedure

The application procedure on how to get a student loan might differ from program to another and from university to another. Nonetheless, they are the same when we talk about the needed documents for a student loan.

Here’s what you need to do:

  •       Fill out the application form properly
  •       Hand in a billing statement from your school
  •       A proof that you need a loan

It’s best to get information on how to apply for student loans individually because you will find several differences. Some financial companies offer to have a personal interview and review with a credit officer for final evaluation. After that, the client can immediately know the loan decision.

Conclusion

Are you looking for a quick student loan that offers the money you need to survive college? We hope we provided you all the information you need on what is a student loan and how to get a student loan. It is time to focus on what is really important this education for you or your children. Apply now!

If you want to get a student loan in the Philippines, but you have a bad credit history, this may complicate the process.

How can a loan be repaid

Students can return the loan in different ways. Each borrower has his own options. The main thing is not to forget about the payments and to make them on time in order to avoid fines.
 

LOAN AMOUNT
FEE
TOTAL REPAYMENT

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FAQ

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