By Jeremy M. Badong
STUDENT LOAN. Ateneans struggling to pay for course requirements like books and theses may avail the Admission and Aid Office's newly launched Student Loan Program. Students can borrow as low as a few hundred pesos to a maximum amount of 5000 pesos. Photo by Angelica N. Pena and Jeremy M. Badong
For most Ateneans, course requirements are a stumbling block. Requirements like books, theses and outreach activities not only take time and effort, but more importantly, great strains on a student?s finances.
To address this dilemma and the immediate financial needs of Ateneans in their courses, the Admissions and Aid Office (AAO) of the University has launched the Student Loan Program which provides short-term loans with six-percent interest per semester.
Under the program, course requirements that will be covered by the loan include books, projects, field trips or tours as well as food allowance for scholars.?
Generous donor?
According to AAO Director Evelyn Amaro, the student loan program was born out of a generous sponsor?s Php 50,000 donation to the program. ?We received the donation [from a female donor who wished to be anonymous] last November,? said Amaro.
The student loan program was initially offered exclusively for scholars to cover expenses not included in academic scholarships. ?Some scholars enjoy the opportunity to enjoy the free tuition fees only. [However] parents?have difficulty to provide for other educational expenses (miscellaneous fees, projects, field trip/tour, books, etc.),? according to the AAO?s student loan policy.
Amaro said requests were made to extend the program to non-scholars. ?Due to the increasing demand or other needs also of other students, we opened this one [the student loan program] in a case-to-case basis,? she explained.?
She said that any currently enrolled student of the Ateneo at the time of application may apply for a loan ranging from as low as a few hundred pesos to a ceiling of Php 5,000 per semester. A six percent interest fee will also be charged on the principal amount of the loan.???
Why 6% Interest
As part of the program?s terms, the six percent aims to ?generate additional funds? and to expand the number of loan applications accommodated per semester.???
?The six percent [interest] was the rate suggested by our sponsor because the intention of that interest is to raise money out of the loan program because once it?s an interest-bearing program, it will earn money. The earnings will, I think, help to accommodate more slots or student borrowers in the future,? explained Amaro.???
Amaro furthered that the interest also ensures that the student will settle the borrowed money at the end of a semester thereby preventing him from accumulating additional interests.?
The program?s current policy states that another six percent will be incurred on top of the default six percent interest for each of the succeeding semesters should a student-borrower fails to repay the principal.???
Requisites for the Loan?
Amaro explained that interested student-applicants can obtain the student loan application forms from the AAO.???
The program has two main requirements including an endorsement from the student-borrower?s department chair or course teacher and a photocopy of the guarantor?s SSS or GSIS identification card.?
She mentioned that the endorsement will serve as an assurance that a student-applicant will use the borrowed money solely for their course requirement. ?As long as this is a requirement of [the student?s] course he can apply for a loan, for his own benefit, not for the benefit of an organization.??
Meanwhile, Amaro also said that the guarantor?the person who would assume responsibility should a student-borrower fail to repay the loan at the end of a semester?will serve as a safety blanket to ensure that the money lent will be returned to the program fund.???
A guarantor must also be currently employed to assure his capability to repay the loan money in place of the student-applicant.?
After compliance with the two requirements, the AAO then schedules an interview with the student-borrower and their parents for loans more than a thousand pesos.? Those who qualify for the student loan program are given an orientation on the policies of the program.?
The release of loan money, meantime, is handled by the Treasurer?s Office, which provides checks for loans amounting to more than Php 500 and petty cash for amounts lower than Php 500.
Mode of payment
?An applicant can choose his own mode of payment.?Basta?within the semester the student borrower must settle his loan,? says Ms Amaro.
Payment for the loan will be directed to the Treasurer?s Office as dictated by the policy of the school regarding financial transactions.
Aside from six percent interest on the amount due, the program?s policies also bars a student from enrolment the following semester in the case of failure to settle the loan balance. The release of Transcript of Records, diploma and other official documents are also withheld until a student-borrower fully settles the repayment of a loan.???
Upon the full payment of it, a student may reapply for a new loan the following semester provided that the borrower complies with the requirements of the program.???
?He [student-borrower] can apply for the renewal of the loan as long as the money is still there; if we have available funds for [a] loan, [then] he can apply for [a new loan for] the next semester,? Amaro ended.
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