The LandBank of the Philippines is expanding its loan programs for students. Apart from tuition expenses, students can also loan to buy electronic gadgets for online learning.
The state-run Landbank said its “Interim Students’ loan for Tuition toward Upliftment of education for the Development of the Youth” (I-Study) loan would cover up to P50,000 per student for purchases of desktops, laptops or tablets to be used for online learning.
The new loan system will also be part of the maximum loanable amount of P150,000 per student or P300,000 per parent-borrower under I-Study.
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Students of legal age can apply for I-Study if they will meet the requirements. Minors on the other hand will need to have their parents to apply for them.
“The enhancement of the I-Study program also includes the increase in maximum age eligibility of students from 30 years old to 50 years old; inclusion of scholar students whose scholarships do not fully cover their tuition and the coverage of nonscholar students from private preschool, primary and secondary schools,” Landbank added.
The bank said that this is their way of helping students struggling amid the coronavirus pandemic.
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“Landbank recognizes the need to support students in adapting to distance learning modalities. While we await the resumption of in-person classes, we hope that the I-Study program can help students cover the financial requirements to purchase needed learning equipment and participate in online classes,” Landbank president and chief executive Cecilia Borromeo said.
The I-Study loan has an interest rate of 5 percent every year. (TDT)
