There are different types of Student Financial Assistance Programs (StuFAPs) that the Commission on Higher Education (CHED) has for Filipino students. One of these initiatives is the Study Now Pay Later Plan (SNPLP) Program wherein qualified students can receive financial assistance as a student loan. The program is designed to help students pursue their studies despite financial difficulties. Under the plan, students will only need to pay back the amount they have received after they have completed their studies and found employment. This way, they can focus on their studies and not worry about how they will repay their loans.
The Commission on Higher Education (CHED) aims to support Filipino students with their tertiary education by providing them the means to access free and quality education. Scholarship and grant-ins programs are initiatives of the Commission on Higher Education (CHED) to carry out their objectives for Filipino students. One of which is one of the Student Financial Assistance Programs (StuFAPs).
Students who availed of this program are entitled to a loan amounting to the actual cost of their tuition including other miscellaneous fees but shall not exceed Php 20,000 per semester. If you want to know more about the Study Now Pay Later Program, read the article below as we dive deeper into this student financial assistance and give you an in-depth guide on how to apply for a CHED Study Now Pay Later Plan Program.
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The CHED StuFAPs Study Now Pay Later Plan Program is a loan program initiative by the Commission on Higher Education to aid Filipino students with their tertiary education without any maintaining grade or general weighted average. This loan program is open to anyone who wants to avail of the program. Just like what its name suggests, students can continue and finish their college education through a loan program from CHED and pay it afterward.
This program is a huge help to Filipino students. Since this program does not have a minimum grade requirement or a general weighted average anyone who wishes to avail of this financial assistance program is welcome to apply.
The Study Now Pay Later Plan Program is a loan program available or intended for incoming college students, or those who already have earned units in any academic year to cover their tuition and miscellaneous fees in CHED identified public or private HEIs following CHED Memorandum Order (CMO) No. 16, Series of 2002.
Here is a list of the CHED-recognized programs/priority courses in CHED-identified public or private HEIs:
Science
Technology
Engineering
Agriculture, Forestry, Fisheries
Mathematics
Other Priority Courses
Students who availed of the loan program shall receive a loanable amount of the actual cost of their tuition and other miscellaneous fees but shall not exceed Php 20,000 per semester.
To apply and avail of the CHED Study Now Pay Later Plan (SNPLP) program, interested student applicants or borrowers must meet the following qualifications:
A co-borrower or a member of GSIS or SSS who acted as the co-debtor of the student applicant or borrower shall meet the following qualifications:
Below are the documentary requirements each applicant or borrower must provide before submission of the application.
Below are the requirements for payment of educational loan or financial assistance.
Here is a step-by-step guide to help you with your loan application to CHED Study Now Pay Later Plan (SNPLP).
Step 1: Go to the nearest CHED Regional Office (CHEDRO) in your region where your chosen higher education institution is located. You may also visit CHED’s official website here – https://ched.gov.ph/ to secure an application form.
Step 2: Fill out completely the StuFAPs application form (OSS Form 01).
Step 3: Attach the documents required to your application form and submit it to the CHED Regional Office (CHEDRO).
Step 4: CHEDRO will evaluate and screen all the applications in compliance with the set criteria.
Step 5: Then, CHEDRO will rank the qualified applicants and initially assign award numbers for each applicant.
Step 6: CHEDRO will issue a Notice of Award (NOA) to notify qualified applicants.
Step 7: Qualified applicants are given thirty (30) days to accept the receipt of NOA.
Step 8: Then, CHEDRO will prepare and certify the master list for the Study Now Pay Later Plan.
Student borrowers can loan up to Php 20,000 to cover their tuition and other miscellaneous fee but shall not exceed the said amount per semester. A four percent (4%) simple interest rate per annum will commence after two (2) years of graduation. In any case that the student borrower did not complete his/her degree or program, the 4% simple interest rate per annum shall take place two (2) years after he/she last benefits of the program. The formula to compute the simple interest method is:
Interest = Principal x Interest rate (4%) x Term of Payment
The mode of repayment is given free of interest within two years. When repayment is on an installment basis, borrowers can pay either in cash, manager’s check, postal money order (PMO), or deposit through CHED-LBP (Land Bank of the Philippines) account specifically for repayment of student loan program. Amortization or repayment period is within five (5) years excluding the two (2) years grace period. The formula for repayment is:
Repayment = Principal + Accrued Applicable Interest
There are also penalties and surcharges for payments made beyond the 5 years. A two percent (2%) additional interest per annum and a two percent (2%) surcharge of the total balance is added.
Here are some of the important reminders that student-borrow should bear in mind when they availed of the student loan program.
This video will give you some insights and helpful information about the CHED’s Study Now Pay Later Plan Program on how to apply and apply for this student loan program initiative for Filipino students. The qualifications and prerequisites for the student loan program were also discussed in the video and who can avail of the student loan during an interview with Atty. Julito Vitriolo.
