Tertiary education students, both in higher education institutions (HEIs) and Technical-Vocational Institutions (TVIs), may soon avail of short-term or long-term loans under the Student Loan Program of Republic Act 10931 or the Universal Access to Quality Tertiary Education Act (UAQTEA).
This program under the landmark law was highlighted Friday, April 27, at the Nationwide Information Caravan on R.A. 10931 held at the Legazpi City Convention Center. More than 900 Bicol-region based tertiary education stakeholders attended the said event.
Unified Financial Assistance System for Tertiary Education (UniFAST) Secretariat Officer-in-Charge Executive Director Atty. Carmelita Yadao-Sison gave the assurance that the short-term loan program can be implemented within the year with the help of several government financial institutions.
“Wala na hong dahilan para hindi makapag-aral sa kolehiyo o TVET. Kung hindi sapat ang Free Education, kulang ang Tertiary Education Subsidy o TES pero may pangangailangan pa, maaaring mag-avail ng loan,” Sison said.
Based on the implementing rules and regulations of UAQTEA, all Filipino students admitted in HEIs and TVIs are eligible to avail of the Student Loan Program (SLP). Qualified student-borrowers will receive loan amounts approved by the SLP partner and will be subjected to the guidelines and policies formulated by the UniFAST Board.
For long-term loans, repayment will commence once the beneficiary secures any gainful employment with compensation, remuneration, or earnings that reach the “compulsary repayment threshold” set and periodically reviewed by the UniFAST Board.
For more information, follow @unifastofficial on Facebook.