Adult students can now directly access the government-owned Land Bank of the Philippines loan program, which aims to cover the purchase of electronic gadgets necessary for online learning.
In a statement released on Wednesday, the LandBank said that adult students are now eligible to apply for its Enhanced I-Study – Interim Tuition Fee Loan for Improving Education for Youth Development – Program loan if they meet the required conditions. .
He noted that when the loan program was initially launched last year, only parents and guardians or benefactors of students could apply for the financial aid.
The state lender added that it is now offering a loan of up to 50,000 pesos per student to finance the purchase of learning gadgets such as a laptop, desktop or tablet, which can be included in the maximum loanable amount of 150,000 pesos per student. or P300,000 per parent borrower to cover payment of tuition or registration fees.
The enhancement of the program also includes increasing the maximum age of eligibility for students from 30 to 50; inclusion of university students whose scholarships do not fully cover their tuition fees; and coverage of out-of-school students in private kindergartens, primary and secondary schools, he also announced.
“LandBank recognizes the need to help students adapt to distance learning modalities. While waiting for in-person classes to resume, we hope that the I-Study program can help students meet the financial needs to purchase the necessary learning materials and participate in online classes, ”said the President and CEO of LandBank, Cecilia Borromeo.
The bank said its decision to extend the I-Study credit facility follows recent statements by the government to continue implementing distance education as a measure against the spread of the coronavirus pandemic.
Meanwhile, LandBank also said it had approved loans worth £ 531.5million to 16 educational institutions as of February 16 this year.
The approved loans were extended as part of its Academe loan program – Access to Academic Development to Empower the Masses to Endless Opportunities – which aims to build the capacity of private academic institutions to implement a ‘study now, pay more’ program. late ”for his students.
It offers the “3-3-3” functionality, with a P3 billion credit support program fund, a very low fixed interest rate of only three percent per annum, and payable based on the maturity of the notes. to order, but not to exceed three years.
LandBank said the program was part of its support to the education sector, which provides credit to private and non-DepEd high schools, private technical and vocational training institutions, and private higher education institutions such as colleges. and universities to provide continuing education. to their students.