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Bukas Team

What Filipinos Need to Know About Student Loans

2022-03-12

Hindi naman maipagkakaila na kasama sa mga patuloy na naapektuhan ng pandemic ang sektor ng edukasyon. Schools needed to quickly adopt distance learning methods for them to continue educating the students. Students and their families too had to find other means to finance their education because of the situation.

Luckily, student loans in the Philippines have been gaining traction. They pave the way for aspiring students to be able to get into their dream school and attend their dream course by making education more flexible and affordable. By having the best quality of education suitable for students’ abilities and capabilities, the hope for a better future is highly achievable.

What are Student Loans?

Student loans are also known as education loans, tuition loans, or tuition installment plans. Student loans, like scholarships and other financial assistance programs of the school, help students finance their college or postgraduate degrees. And some student loans offer a longer payment period with a lower monthly interest rate compared to bank loans and third-party lenders.

Bukod sa tuition fee, student loans can also cover other additional expenses gaya ng allowance, books, equipment, and other necessities while pursuing your degree.

Things you Need to Know About Student Loans

Student loans allow students to have ample time to pay for their tuition. Most of the time, they are used to pay the lump sum payment of tuition fees or entrance fees for private universities.

You will mostly hear the term ‘principal amount’ in student loans. Ang principal amount ay ang kabuuang halaga na kailangan mong bayaran pagkatapos ng 12 na buwan o isang taon through installment. Kasama sa principal amount ang interes at additional fees para sa serbisyo ng loan provider.

Most student loans fund a semester’s worth of tuition and are paid depending on the payment period selected by the student. Typically, interest rates and other necessary fees for the service are also charged. There are student loans that have significantly lower interest rates than other types of loans, making them more affordable for people.

Why Are Student Loans Important?

Your education is one of the most important investments you can have for yourself and student loans can help you with that. They can be inclusive and friendly too because of their low-interest rates. You don’t have to be intimidated and afraid of student loans because student loans exist to help students like you!

With an affordable and flexible student loan, your dream job is within your arm’s reach when you are ensured of a stress-free and quality education dahil napili mo ang dream university at course mo.

Applying for a student loan in the Philippines equates to investing for yourself and for your future. Quality education is the key to success. And with credible tuition installment institutions like Bukas, ang bukas mo, sigurado!

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!

Written by: Ma. Carmela Banay

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Written By

Bukas Team