When you apply for student loans, expect that you have to pay the loan amount with some additional cost due to the interest. The interest is the fee that the lender charges whenever you borrow money, and its value depends on the amount of your student loan as well as the lender’s interest rate. Some student loan rates are fixed on an annual basis, while private lenders can change their rates at any time.
Lenders have different interest rates, so it’s important that you inquire about it before borrowing money. You should also review the current rates on the market from various lenders to know which one offers the most affordable loan. Here are some important things you should know about student loan interest rates.
Interest and Principal Amount
Ito ang palagi mong tatandaan pagdating sa student loans: kapag mas mababa ang principal amount o ang mismong inutang mo ay mas mababa rin ang interest na babayaran mo. However, you might get lucky with some lenders who offer a 0% interest rate during your first time borrowing money. Usually though, lenders have an interest rate of around 0.5% to 15% per month.
Loans and Deadlines
According to UpFinance, a website that compiles all the current loan offers in the Philippines, the loanable amount ranges from PHP 10,000 to PHP 5,000,000 today. This is payable from a month to 3 years. Another thing you should remember when it comes to student loans is the monthly payment deadline. If you miss your monthly loan dues, madadagdagan ng late payment fees ang iyong balanse at maaari itong magpatong-patong habang tumatagal. Kaya siguraduhing magbayad on time palagi at mag-set ng reminder sa iyong loan payment deadline!
Need more pointers on how to stay on top of your student loans? We have tips on how to pay them off faster.
Interest rates and Schools
Bukas offers a relatively low monthly interest rate of 1.5%, compared to credit cards and other lending services. However, that interest rate may vary depending on the educational institution that you are enrolled in. You can check Bukas’ partner schools to get more information about them and calculate your potential total loan amount here.
Bukas’ tuition installment plan covers up to PHP 100,000 per semester and is payable within 12 months or less! We also allow our borrowers to have multiple installment plans to ensure that their semesters will always be fully paid. There is nothing that Bukas wants more than to help students study without worrying about their finances, kaya sinigurado naming mabilis ang application process at mababa ang interest rates namin!
Some lenders charge small fees, some have high interest rates. Student loans are very helpful, which is why you should get one from a trusted and credible institution, like Bukas! We have over 80 partner colleges and universities, at ang iyong school ay maaaring partner na namin! Our tuition installment plan is open to everyone enrolled in any of our partner schools. Naniniwala kaming deserve mo ang mag-aral without financial worries!
Learn more about how we make education affordable for thousands of Filipino students like you. Download the Bukas app on Google Play today! Kung gusto mo maging updated with our latest content and updates, you can connect with us on Facebook or reach us anytime via email!