To help students and their families continue their education amid financial difficulties due to the COVID-19 pandemic, for this school year, incoming college students and transferees at any STI campus nationwide can avail of loans through its student loan program in partnership with the Land Bank of the Philippines (LANDBANK) .
STI Education Services Group, Inc. (STI ESG) has tapped into Landbank’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program that aims to loan money to educational institutions, which schools can in turn re-lend to the students.
STI ESG vice chairman and CEO Monico V. Jacob said this partnership allows the academic institution to extend its assistance to their students who are currently dealing with financial difficulties by providing them loans for their education needs.
“Almost 70% of our students are supported by overseas workers, who are being repatriated during this pandemic, and the LANDBANK’s facility provides the much-needed relief, ” Jacob says. “This also shows how committed we are to the education of our youth, and we are happy to work with LANDBANK to make sure our youth’s future will continue to be bright and hopeful.”
The Landbank-STI Student Loan Program is payable based on the maturity of the sub-promissory notes, but not to exceed three (3) years at no interest and with easy application process for the undergraduate students who are enrolled at any STI campus nationwide.
“STI ESG has also agreed not to pass on the 3% interest of this facility. We will absorb this cost, and we thank LANDBANK for being the first bank to offer a study now, pay later plan,” Jacob adds.
Under the program, incoming college students and transferees this school year 2020-2021 can borrow up to P15,000 per term which will be credited directly to their STI campus. The loan amount is intended solely for defraying the cost of tuition and other school fees for a given term.
Launched in May 2020, the LANDBANK ACADEME Lending Program aims to provide credit support to private high schools, private technical and vocational education training institutions, as well as Higher Education Institutions (HEIs) such as colleges and universities, to aid students, through their parents or benefactors, in continuing their education, under a ‘study now, pay later’ program.
The said bank allotted P3 billion for the program, which offers refinancing or rediscounting of promissory notes issued by the parents or benefactors of students for school loans. Eligible schools can borrow up to 70% of the sub-promissory notes on a per semester basis, and subject further to a maximum amount based on the school’s net borrowing capacity, with a very low fixed interest rate of 3% per annum that is payable based on the maturity of the sub-promissory notes, but not to exceed three (3) years.
To aid in the students’ connectivity, STI has also partnered with SMART Communications to provide students with a SMART GIGA Study data plan with an allotted 35GB per month for free. The institution also accepts Tertiary Education Subsidy grants and provides scholarship grants for students with GSIS family members and/or PAG-IBIG Loyalty cardholders.
STI is now accepting applicants for senior high school and college for the first term of the school year 2020-2021. For more information on the Landbank-STI Student Loan program, visit https://studentloan.sti.edu