President Rodrigo Duterte said Thursday night that the government would open ‘study now, pay later’ program of Land Bank to assist parents in paying their children’s tuition in private school.
“Itong Landbank bubuksan namin (We will open Landbank), and you can borrow money to finance the education of your children,” Duterte said.
The state-owned bank earlier launched its Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program, which offers zero-interest student loans.
“We are hard-pressed in our finances, but we have to place the premium on education. The future of this country depends on how we educate our young people nowadays,” Duterte stressed.
The President also asked the Department of Education (DepEd) to implement a ‘staggered’ type of tuition payment in schools amid the COVID-19 crisis.
Duterte also commended DepEd’s alternative learning methods that will reach the students amid the coronavirus pandemic.
DepEd Secretary Leonor Briones stressed they would utilize printed modules, online resources, and television and radio programs as the new learning platforms for students instead of face-to-face classes.
“I’m impressed with the simplicity of the program, and I believe that all that you have said is really feasible: radio, television, and all of these things. I believe we have a very workable program, and I support you,” said Duterte.
Palace earlier announced the enrolment for the school year 2020-2021 should proceed on June 1. The opening of classes, whether physical or virtual, would be on August 24, DepEd said.
Land Bank’ study now, pay later’ program
Land Bank of the Philippines launched its LANDBANK ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities) Lending Program which allotted P3-billion in credit support for private high schools, private technical and vocational education training institutions, as well as Higher Education Institutions (HEIs) such as colleges and universities, to provide continuing education to their students.
The program offers ‘3-3-3’ features with a P3-billion-program fund in credit support, a very low fixed interest rate of only 3% per annum, and payable based on the maturity of the sub-promissory notes but not to exceed three (3) years. It forms part of LANDBANK’s social investment package to encourage students to pursue and finish their education.
Students from private non-DepEd junior high schools, senior high schools, private Technical-Vocational and Education Training (TVET) Institutions could apply for the ‘study now, pay later’ program.
Private Higher Education Institutions (HEIs) such as Colleges and Universities with undergraduate programs authorized by Philippine Commission on Higher Education (CHED) and the HEIs are accredited by either any of the following could also apply:
- Philippine Accrediting Association of Schools, Colleges, and Universities (PAASCU)
- Philippine Association of Colleges and Universities’ Commission on Accreditation (PACUCOA)
- Association of Christian Schools, Colleges and Universities Accrediting Association Inc. (ACSCU-AAI)
- Federation of Accrediting Agencies of the Philippines (FAAP)