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.
1.What are the changes in the Bukas tuition installment plan’s rates?
Before the change in rates, our monthly interest rate is 1.5% plus a 3% one-time origination fee. Starting February 9, 2023, our monthly interest rate will change to 1.85% and the origination fee to 4%.
See sample calculation below:
For tuition installment plans submitted before February 9, 2023, the 1.5% monthly interest rate and 3% 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 9, 2023 onwards, the new monthly interest (1.85%) and one-time origination fee (4%) will apply.
2. If my first installment plan was activated before February 9, 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 9 it will still follow the old rates. For re-applications submitted after February 9, the new rates will apply. Any rate changes will be announced to students.
3. If I submitted an application before February 9, 2023 but the results came out after February 9, which rates will be followed?
All applications submitted before February 9, 2023 will follow the old rates.
4. I submitted an application before February 9, 2023 but canceled it because I wanted to change some information. I plan to submit a new application on or after February 9, 2023. Which rates will be followed?
All applications submitted on February 9, 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.
5. 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 9, 2023, the new rates will be followed on the new loan application.
6. I want to avail an installment plan before the price increase but it is not yet our enrollment period so I don't know the exact amount to request. Can I submit an application now and adjust my requested amount during our enrollment period?
If you intend to use the Bukas installment plan to settle previous balances, you do not have to wait until enrollment period to apply. You will need your Statement of Account for this. To learn more about valid tuition documents, please refer to this link: https://bukas.ph/help-center/tuition-docs/
However, note that after an application is submitted, you can no longer change your requested amount unless you cancel and re-apply. If you submit a new application with your updated tuition amount after February 9, 2023, the new rates will apply.
7. Will Bukas installment plans still be payable in 12 months?
Yes. Bukas installment plans are still payable for up to 12 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 in less than 12 months. This also means closing your Bukas installment plan before the 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 9, 2023. Note that any price changes will be announced.
10. 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.