Making education accessible continues to be Bukas’ mission. We aim to provide Bukas Tuition Installment Plans as a flexible tuition payment option for college and graduate students across the country.
However, we are not immune to our country's economic situation. We value transparency, which is why we inform you of the rate changes as soon as possible to give you ample time for necessary adjustments. Still, we assure you that our rates remain friendly, so that we may continue to serve students and families.
Note: The price change will not reflect for those with ongoing Bukas applications.
Please note that this only applies to Bukas Installment Plans for Eskwelabs' Data Science Fellowship.
1.What are the changes in the Bukas tuition installment plan’s rates for the Data Science Fellowship?
Before the rate changes, our monthly interest rate was 0.99% with 0% origination fee. Starting Feb. 27, 2023, our monthly interest rate will change to 1.50% and origination fee will remain at 0%. Note that this is payable in 12 months, including the 3-month grace period.
Please see calculation below for the 12-month Bukas installment plan:
Starting Feb. 27, we will also start offering an installment plan for the Data Science Fellowship payable in 18 months. For the 18-month tenor, the monthly interest rate is 2.20% and one-time origination fee is 5%.
See sample calculation below:
2. How will this affect my ongoing tuition installment plans?
For tuition installment plans submitted before February 27, 2023, the old interest rate and origination fee will still apply. There will be no changes in your monthly repayment for your existing activated installment plans.
For tuition installment plans submitted on February 27, 2023 onwards, the new monthly interest and one-time origination fee will apply.
3. If my first installment plan was activated before February 27, 2023, which rates will apply to my next installment plan/s?
The rates will still depend on the date when you applied for an installment plan. If you re-applied before February 27 it will still follow the old rates. For re-applications submitted after February 27, the new rates will apply. Any rate changes will be announced to students.
4. If I submitted an application before February 27, 2023 but the results came out after February 27, which rates will be followed?
All applications submitted before February 27, 2023 will follow the old rates.
5. I submitted an application before February 27, 2023 but canceled it because I wanted to change some information. I plan to submit a new application on or after February 27, 2023. Which rates will be followed?
All applications submitted on February 17, 2023 onwards will follow the new rates. If you need help with revising your information, please refrain from cancelling your application and send an email to [email protected] instead.
6. I was recently rejected, can I reapply in less than 30 days to avail of the current rates before the increase?
The 30-day rule will still apply for rejected applications. If the 30th day falls on a date after February 27, 2023, the new rates will be followed on the new loan application.
7. Will Bukas installment plans still be payable in 12 months or 18 months?
Yes. Bukas installment plans are still payable for up to 12 months or 18 months, depending on your chosen tenor. (Note: You have the option to pay your installment plan in 12 months or in 18 months). If you wish to close your Bukas installment plan in less than 12 months, please refer to item no. 8.
8. With the rate changes, will I still be able to pre-terminate my plan?
Pre-termination is the process of settling all your balances with Bukas before your last due date. Note that pre-termination is free and you also have the chance to be eligible for interest rebates. The interest rebates will be based on the rates indicated in your contract.
Even with the rate changes, you can still request for pre-termination of your plan. To request for pre-termination and a re-calculation of the interest of your plan, please send an email to [email protected] . To learn more about pre-termination, please visit this link: https://bukas.ph/help-center/can-i-pay-advance/
9. Why is there a price increase? How often will there be a price change?
To respond to the current economic situation of the country, we also have to adjust our rates. This will allow us to continue providing flexible tuition payments and high-quality service to students.
As of the moment, there are no scheduled price changes apart from the one to be effective on February 27, 2023. Note that any price changes will be announced.
10. I am enrolling in Data Analytics Bootcamp, not Data Science Fellowship. Will there be a price increase for this program as well?
Please visit this link to learn about the price increase in Data Analytics Bootcamp.
11. I still have questions about the rate changes. Who can I contact?
For questions about the rate changes, please send an email to [email protected] with the subject “Price Change” for faster response.