Good news for students as they can now avail of the “Study Now, Pay Later” program of Land Bank of the Philippines (Land Bank) amid the economic crisis brought by the coronavirus disease pandemic.
Land Bank launched its new education program called ACcess to Academic Development to Empower the Masses towards Endless Opportunities (Landbank ACADEME) on May 5, 2020, to increase the capacity of private academic institutions to provide assistance to students.
“Given the financial constraints brought about by the COVID-19 pandemic, LANDBANK is financing interventions to ensure that students will be able to enroll in school when classes finally resume,” Landbank President and CEO Cecilia C. Borromeo said.
“The LANDBANK ACADEME Lending Program supports the education sector in providing students greater access to quality education amid the health crisis we are all facing,” Borromeo added.
Land Bank allotted Php 3-billion worth of credit support for the following:
- Private high schools
- Private technical and vocational education training institutions
- Higher Education Institutions (colleges and universities)
To avail of the program, Higher Education Institutions (HEIs) must be accredited by any the following:
- 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)
Though the program offers zero interest rates for students, it gives loans to school at a 3% interest per annum.
The program’s payment scheme depends on the arrangement between the students and their respective schools. Payments can be done after the semester, after the school year, or even until graduation.
The Land Bank lending program is available until June 30, 2021.
Interested students may contact the nearest LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll-Free 1-800-10-405-7000.
Other Filipino companies have also adjusted their programs as the country and the whole world shifted to what is called the “new normal” due to COVID-19.
Meantime, schools such as Ateneo de Manila University and De La Salle University have adjusted their requirements for students and even provided fee rebates due to the shortened academic year due to the lockdown to stop the spread of COVID-19.
SEND CHEERS in the comments below to Land Bank of the Philippines for providing ways for students to pursue education despite the economic crisis brought on by the COVID-19 pandemic.
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