SSS Educational Loan Pag-Ibig Multipurpose Loan tuition fee loanIs there really a one true lending company in the Philippines that would allow application of tuition fee loan? As a professional loan consultant in the country, I’ve had at least 2-3 inquiries regarding this on occasion every month but when the enrollment day nears in May and October to November, I get as much as 20 or even more inquiries from different walks of life in Manila and provinces as well.

They all ask the same question and so to prevent future inquiries and perhaps help ease out the burden of having to answer the same question again and again, here’s a post that aims to enlighten Pinoys, especially moms and dads and self supporting students who are having financial problems and needs quick extra cash to pay for the tuition fee for enrollment. So to speak, when we were in college, we’ve experienced the same fate before. There were 4 of us siblings in the family and my father’s salary is absolutely not enough for all of us with 2-3 years age gap to enroll for college. Lucky me, I am a scholar of Coca Cola foundation that time so apart from free tuition fees, I also get free project financing and allowance on a monthly basis as well for transportation and everything else.

Going along with the discussion, in the Philippines, for the 2 years of being a pro loan consultant, I’ve never seen private lending companies offer directly, the tuition fee loan. All I know for one is that at least 3 government agencies in the Philippines offer assistance to students through qualified parent members via their dependents. These government agencies are SSS, GSIS and Pag-Ibig Fund. The CHED itself and DEPED, I am not so sure if any have student financial assistance programs.

Social Security System have their Educational Assistance Loan Program, the Pag-Ibig Fund have their Multi Purpose Loan (MPL) for which using the loan proceeds to pay for tuition fee is allowed and Government Service Insurance System have its Educational Assistance Loan.

Giving my very own opinion, if you are someone who needs money to pay for tuition fee, you don’t really need to inquire about it per se. All you need to know is by your current financial state, how can you apply for a loan and what types of loans can you get cash from and be able to use it to pay for tuition fee. Below are some of the ideas I would like you to know where you can source out cash to pay for enrollment fees for the kids or for yourself. Please be reminded that while some of most of you don’t have the collateral to use, many or all of you out there would like a quick loan so I am combining both collateral loan and non collateral loan to cover all possible options.

  1. Car Loan – Whether you like it or not, this collateral is one hell of a good source of quick loan. Being a loan consultant, the traditional car loan has been diversified to make it be offered as one of the fastest collateral loan in the Philippines today. By my own experience, I’ve had a car loan approved and the proceeds released in max speed of 6 hours.
  2. Bank Personal Loan – This will probably take more time as most bank loans would due you up to more than 1 week depending upon the availability of your complete and right requirements. Nevertheless, this is a great source for fund to pay for the enrollment fees.
  3. Seaman Loan – This is a 1 day release loan today. If you have a relative or nearest family member who is a maritime worker, this isĀ  good choice for a fast loan. Ask for your relative to apply for the seafarer loan in behalf of you and use some of the funds for your tuition fee.

Each of the loans stated and listed above have their own set of basic requirements. These are 2 valid primary or government issued IDs, proof of billing (electric or water bill just to be sure, completely filled up application form, proof of income (DTI or SEC if with business / COE and 1 month payslip if with work / remittance receipts if with OFW support and contract of lease for those with for rent properties)