Students May Soon Get Loans From Banks For Tuition Thanks To Proposed House Bill
Real talk: Going to college is a luxury for many of us. Shelling out money for tuition every semester is no joke, so many opt out of pursuing higher education just for this very reason.
There’s a bit of good news for college students, though. Soon, you might be able to get loans from private banks to pay for your tuition thanks to a proposed bill, as per Inquirer.net.
House Bill No. 5792 suggests the creation of a “Student Assistance Program” which allow students to make loans for tuition and miscellaneous fees like books and transportation to school from banks. According to the bill, students may begin paying the loan back in installments for a duration of at least two years after graduation and within “reasonable rates.” Borrowers may pay back the loan through the Government Service Insurance System (GSIS) or Social Security System (SSS)’s method of salary deduction or withholding.
Prior to the proposal, Inquirer.net reports that an identical program— called the “Study Now, Pay Later” program—funded by the government exists already. The creation of the bill hopes to “encourage” private sectors like banks to provide opportunities for education to underprivileged students.