The GSIS Education Loan, also known as the “study now, pay later” program, offers active GSIS members a valuable opportunity to finance their children’s or relatives’ college education.
Eligible borrowers, who must meet specific criteria, can avail of a maximum loanable amount of ₱500,000 for a five-year degree.
This program supports up to two student-beneficiaries per borrower, covering essential educational expenses.
With a 10-year repayment term and a manageable interest rate, the GSIS Education Loan significantly eases the financial burden of higher education, ensuring students can focus on their studies without immediate financial stress.
Overview of the GSIS Education Loan
The GSIS Education Loan, also known as the “study now, pay later” program, is a fantastic opportunity for active GSIS members to support their children’s or relatives’ college education.
Who Can Borrow?
To qualify for the GSIS Education Loan, borrowers must meet specific criteria. Active GSIS members are eligible if they:
- Have at least 15 years of service.
- Have paid the latest three (3) monthly premium contributions for both Personal Share and Government Share.
- Are not on leave of absence without pay.
- Have no pending administrative or criminal cases.
- Have no past due GSIS loans, including housing loans.
- Are not from an agency with “suspended” status.
- Meet the net take-home pay (NTHP) requirement under the General Appropriations Act.
Loanable Amount
Borrowers can avail a maximum loan amount of ₱100,000 per school year, with a total cap of ₱500,000 for a five-year college degree.
This generous amount can significantly ease the financial burden of higher education.
Who Can Benefit?
Qualified borrowers can nominate up to two (2) student-beneficiaries who must meet the following criteria:
- Must be Filipino citizens and residents of the Philippines.
- Must be related to the borrower up to the 3rd degree of consanguinity or affinity.
- Must be enrolled in an undergraduate course with a maximum study period of five (5) years.
- Must agree to act as a Co-Maker on the loan upon reaching legal age, thereby binding themselves to the loan’s terms and conditions.
Loan Repayment Terms
The loan term extends up to 10 years, including a grace period of five (5) years.
This means repayment starts in the sixth year.
The interest rate is set at 8% per annum, providing a manageable repayment plan for borrowers.
Requirements for Application
To apply for the loan, you need the following:
- A properly filled-out Application Form (Annex A), endorsed by the Authorized Agency Office (AAO).
- A photocopy of the latest Tuition Assessment Form (original to be presented).
- A photocopy of the school ID (front and back) with 3 signatures of the student on the same page. If the school ID is unavailable, any valid ID showing the date of birth, picture, and signature of the student will suffice.
- The same documents are required for a second student-beneficiary, treated as a separate loan application.
Step-by-Step Application Procedure
Via eGSISMO
- Login: Access your eGSISMO account using your BP number and password.
- Choose Loan: Click on the Loans Application icon and select GFAL-EL, then choose Loan Type (New or Renewal).
- Upload Documents: Upload a picture of the member holding the UMID/Temporary CARD or two valid government IDs if the UMID/Temporary CARD is lost. Include the latest tuition assessment form and the school ID (front and back) with 3 signatures of the student-beneficiary.
- Confirm and Save: Confirm the Loan Agreement and click SAVE.
- Await Confirmation: Wait for an email confirmation from GSIS regarding tentative loan computation and a loan counseling session via video conference.
- Submit Originals: Submit the original copies of the previously submitted documents through eGSISMO.
Via Email
- Fill Out Forms: Complete the Educational Loan Application Form and GSIS UMID Card.
- Scan Documents: Save the Application Form as a JPEG or PDF file and scan the UMID Card.
- Email Submission: Email the completed documents to your GSIS handling branch.
- Await Confirmation: Wait for an email confirmation from GSIS for tentative loan computation and a loan counseling session via video conference.
- Submit Originals: Submit the original copies of the previously submitted documents through email.
Documentation Checklist
Ensure you have the following documents ready:
- Accomplished and endorsed application form for the GFAL-Educational Loan.
- Photocopy of the latest tuition assessment form.
- Photocopy of the school ID (front and back) with 3 signatures of the student-beneficiary on the same page.
How to Fill Out the GFAL Educational Loan Form
What is the GFAL Educational Loan Form?
The GFAL Educational Loan Form is used to apply under the GSIS Financial Assistance Loan – Educational Loan (GFAL-EL) program.
This program helps government employees cover school fees for their children. The program covers tuition and other fees, and is paid directly to the school.
Where to Get the Form?
You can get the form from the GSIS (Government Service Insurance System) office or download it from their official website.
Steps to Fill Out the Form
- Personal Information:
- Write your full name and signature as the member-borrower.
- Include the name and signature of the student (your child) and the co-maker. If the student is a minor, write “N.A.”
- Loan Details:
- Indicate the amount you are applying for. This amount should cover the school fees as stated in the tuition assessment form.
- Agency Authorized Officer (AAO) Certification:
- This section needs to be completed by an authorized officer from your agency. The officer will certify your employment status and confirm there are no pending charges against you. The officer must sign and date this section.
- Signatures and Dates:
- Ensure all required signatures are in place. The member-borrower and student/co-maker must sign and date the form.
Video: GSIS GFAL EDUCATION LOAN
The GSIS Education Loan is a new program that allows college students, who are children or relatives of active GSIS members, to pursue their education without immediate financial burden.
With the “study now, pay later” approach, eligible students can receive financial assistance of up to 500K to cover their educational expenses.
This program provides a convenient option for students to fund their college degree and repay the loan at a later stage.
Conclusion
The GSIS Education Loan is an excellent opportunity for GSIS members to support the higher education of their children or relatives.
With its favorable terms and straightforward application process, it makes college education more accessible.
Follow the guidelines outlined above to take advantage of this beneficial program and invest in your family’s future.