It is a sad and undeniable reality that not everyone can afford to earn a degree. Thus, the launching of the full implementation of the National Student Loan Program gives hope to the less fortunate ones.
Wednesday, April 17, 2019 -Finally the launching of the full implementation of the Student Loan Program for Tertiary Education- Short Term Basis ( SLPTE-ST), after the Commission on Higher Education(CHED) / UniFAST, Financial Assistance System for Tertiary Education signed the Memorandum of Agreement of the said partnership.
J.Prospero E. De Vera III, CHED, and UniFAst Chairman, and Fe Susan Prado, DBP Executive Vice President, signed the MOA with a goal of providing the automated and timely disbursement of requirements for the Universal Access to Quality of Tertiary Education Act and other financial assistance programs.
DBP(Development Bank of the Philippines) Partnership
DBP, as a UniFAST partner, shall use the Direct Remittance Servicing System( DRSS) in the disbursement of financial assistance grants through its Saving Account Debit Card that can be used in ATMs and point-of-sale (POS) terminals nationwide.
“This partnership between CHED/UniFAST and DBP is the long-awaited final component of RA 10931 to help needy students pursue undergraduate and graduate studies in public and private schools by providing them short term loans for their education needs,” De Vera said
Who Are The Beneficiaries?
Students with liquidity problems(RA 10931)-Enrolled in state universities and colleges that are CHED -recognized and listed in the UniFAST Registry of Institutions Programs.
The initial maximum amount that is loanable is Php 60,000. The beneficiary will get the said amount during his/her enrollment at the beginning of a particular term, and he/she must pay it within 12 months. It covers for his/her tuition fee and other school fees, including review fee for his/her licensure examination.