All about the Short Term Student Loan Program
What is the Student Loan Program?
The Student Loan Program (SLP) is a loan program of our government to support Filipino student’s expenses in pursuing:
- Undergraduate Studies
- Licensure Exams Review
- Graduate Studies Medicine & Law (included)
What are the Benefits of the Student Loan Program?
Maximum loan of ₱ 60,000 (every program cycle)
– No Interest if paid within the loan term
May be used for the following:
- Tuition Fees and other school fees
- Books and other supplemental learning materials
- Tertiary Education Allowance
- Review for Licensure Examination
Who are Eligible to avail of the Student Loan Program?
- All Filipino undergraduate and graduate
students enrolled in SUCs, CHED-recognized
LUCs and quality-assured private HEIs - Enrolled in a program that is in the
CHED Registry - Students who did not avail of the loan program
during their undergraduate studies who will
pursue:- Graduate studies
including Medicine and Law - Review for
Licensure Examinations
- Graduate studies
How to Apply for the Student Loan Program?
- Accomplish SLP-ST Application Form
- Submit this to your school along with the following:
- Certificate of Registration / Enrollment
- Income Tax Return of the applicant, if employed or other proof of family income
- Income Tax Return or other proof of family income of the co-maker
- School ID of the applicant
- Government issued ID of the co-maker
- 1×1 picture of the applicant and co-maker
Who is the Student Loan Application being processed?
- After the submission, the HEI pre-screens the loan applications and endorses it the the UniFAST Regional Coordinators.
- UniFAST Regional Coordinators will evaluate the loan applications and forward the screened list to the UniFAST Central Office for approval.
- UniFAST Central Office produces a list of approved student beneficiaries and will send notice of approval or disapproval to the student through the HEI
- If approved, the loan borrower accomplishes and signs the loan documents. The HEI submits the loan documents to the UniFAST RCs.
- UniFAST Central Office 5 provides DBP a list of approved student beneficiaries.
- The Student beneficiary opens an account with the DBP.
- Upon instruction of the UniFAST, the DBP credits the loan proceeds to the account of the HEI or the student beneficiary.
When do I repay my Student Loan?
- The loan is provided End during the enrollment period at the beginning of a particular semester
- Must be paid within a period of twelve (12) months
How do I repay my Student Loan?
- Direct payment of student beneficiary via over-the-counter (all DBP branches)
- Direct payment of student beneficiary through the school that shall remit via over-the-counter (all DBP branches)
Can I Still Avail even if I have loaned before?
- After fully paying the previous loan Students may still avail of another cycle of the Student Loan Program
To pursue- Medicine
- Law
- Other Graduate Studies
Frequently Asked Questions
What are the different types of student loans available to students?
There are two types of student loans: short-term and long-term SLP. But for Academic Year 2018-2019, students can avail of the short-term SLP for the purpose of undergraduate studies, review expenses for licensure examinations, and graduate studies including medicine and law for Filipino students.
Who can avail of the short-term SLP?
All Filipino students in the undergraduate and graduate level (including medicine and law), who enroll in programs that are listed in the Registry of quality-assured programs offered in SUCs, LUCs, State-run TVIs, private HEIs, and private TVIs can avail of the short-term SLP.
What are the benefits of the SLP?
As per Rule V Section 34 of the IRR on RA 10931, loan proceeds are intended to assist student beneficiaries who face illiquidity problems for short period not exceeding one (1) year. Services directly provided by HEIs and TVIs must be directly paid to the institutions. The remaining loan proceeds shall be paid directly to the student-borrower in reasonable intervals.
Who will handle and manage the funds allocated for the SLP?
The UniFAST Board shall, after due diligince and careful determination of the absorptive capacity and existing information and communication technology (ICT) system in place, enter into a Memorandum of Agreement with a Government Financial Institution (GFI). The GFI will take charge of managing and distribution of the funds allocated for teh Student Loan Program. The designated implementing agencies will be the concerned SUC / CHED-recognized LUC / private HEI / State-run TVI / private TVI.
Are all HEIs and/or TVIs qualified to administer the SLP?
All SUCs, CHED-recognized LUCs, private TVIs which are part of the Registry of Institutions and Programs are eligible to administer SLP through and identified partner GFI, banks, and similar entities that are authorized by the UniFAST Board to handle this program.
