NOW AVAILABLE

Good day everyone. Today we will discuss the requirements to avail educational loan from GSIS.

GSIS now offers 100K Educational Loan

Feb 24 - In response to the call of President Duterte for credit support to education in light of the
economic effects of the pandemic, state pension fund Government Service Insurance System (GSIS)
President and General Manager Rolando Ledesma Macasaet announced that GSIS is opening today a
Php20 billion study-now, pay-later loan program for the college education of GSIS members’ kins.

“We will allow GSIS members who have at least 15 years of government service to avail of an
educational loan for their kins in college. The loan has a term of ten years but we will not require them
to pay anything in the first five years. So they don’t have to worry about the tuition of their children for
the first five years,“ Macasaet explained in a radio interview.

Under the GFAL-Educational Loan (GFAL-EL), the maximum amount that may be borrowed per academic
year is Php100,000 covering tuition and other school fees. The interest rate is only 8%.

A GSIS member may nominate up to two student-beneficiaries under the program. The two must be
related to him or her up to the third degree of consanguinity or affinity and enrolled in a four-or five-
year course in a private or public educational institution.

The loan proceeds will be directly paid to the school under the student’s account every semester or
trimester until the beneficiaries finish their courses.

Members, including special members, who have at least 15 years of service may apply for the loan. They
must not be on leave of absence without pay, have no pending administrative or criminal case, and have
no past due GSIS loans (including housing loans).

They must also meet the required net take-home pay of Php5,000 after deduction of their monthly
premium contributions and loan amortizations, and their agencies must not be on suspended status.

“The loan has an insurance cover to protect the interest of the borrowers and their student-
beneficiaries. Thus it will be deemed fully paid in case the member or the student dies or becomes
permanently and totally disabled,” Macasaet said.

The documentary requirements for GFAL-EL are: (1) properly filled-out application form signed by the
member-borrower and duly indorsed by his or her agency’s authorized agency officer; (2) photocopy of
the latest tuition fee assessment form; (3) photo copy of school ID (front and back) with three signatures
of the student-beneficiary. If the school ID is not available, the borrower may submit any valid
government-issued ID with photo, signature and date of birth of the student. If the member has a
second student-beneficiary, the same documents are required to be submitted.

Source: GSIS