What is Multiple Installment Plans (MIP)?

Multiple Installment Plans (MIP) refers to having two or more Bukas Student Loan plans active simultaneously. This option is available for Borrowers who need additional tuition coverage and wish to apply for a new plan on top of their current one. This allows Borrowers to manage ongoing education costs effectively by providing continuous financial support.

MIP Eligibility Requirements

To be eligible for MIP, Borrowers must meet these key requirements:

• 60 days should have passed from the activation date of the most recent student loan plan.
• At least three (3) repayments must have been successfully made on the recent plan.
• Must demonstrate good payment behavior with Bukas student loans.

How to Apply for MIP

The "College Loan" or "Short Term Course" button is available on a Borrower's Bukas account only if the Borrower is eligible to apply again. If this button is not visible, Borrowers should check if they meet the eligibility requirements mentioned above.

When reapplying, Borrowers will be asked to select their identity. Please note that account owners cannot be changed in between installment plans. This means that student-owned accounts cannot become parent-owned accounts in succeeding loans. Borrowers should ensure they enter their details accordingly.

Borrowers will repeat the same application submission steps. Hence, they will be asked to provide updated application details such as a co-borrower and updated documents (School Assessment Form, Proof of Residence, and Proof of Income).

All applications will undergo a thorough review and will still be subject to approval. It will take 3-5 business days, excluding weekends and holidays, before Borrowers receive the final result.

How to Maintain MIP

Having more than one installment plan also means managing more than one set of monthly dues. Here are some tips on how to maintain Multiple Tuition Installment Plans:

• Use the payment dashboard on the Bukas account. This dashboard helps Borrowers keep track of their Multiple Installment Plans and their respective due dates. The table is updated every time a payment is made, allowing Borrowers to note which months need to be settled for each installment plan. Please note that the payment table updates only 1-3 business days after making a deposit.
• Indicate the correct Bukas Reference Code/Number. When settling the monthly dues for installment plans, it is important to indicate the reference code or installment number for the specific plan being paid for. Borrowers will need to make separate transactions or deposits per installment plan to ensure payment is recorded for that specific plan’s payment dashboard.
• Consider paying all dues on the same day. While repayment dates cannot be changed for any installment plan after its approval, Borrowers may opt to pay their Multiple Installment Plans’ dues all on the same day to avoid the hassle of handling multiple transactions on different days of the month. Borrowers should take note of Tip 2 and the schedule of their payment due dates so that none of their installment plans are past their due date.
  • Example: If Plan #1 is due on June 15 and Plan #2 is due on June 26, Borrowers may pay every 13th of the month for both installment plans. That way, neither is past due, and both accounts are settled in one day.

Note that all loan offers are conditional. As long as a loan has not yet been disbursed to the school, Bukas Finance Corp. reserves the right to withdraw any loan agreement. Please read the Terms and Conditions as well as the Disclosure Statement provided before proceeding with any loan transactions. If there are any further questions or changes to contact information, please feel free to reach out to our team by filling out this form.