LAWMAKER BATS FOR INCLUSIVE LOAN PROGRAM FOR COLLEGE LEARNERS
QUEZON City 4th District Rep. Jesus ‘Bong’ Suntay has filed a bill that seeks to provide a more inclusive loan program for students who want to pursue higher education.
House Bill 7486 aims to amend some provisions of the Universal Access to Quality Tertiary Education Act which Suntay said has limited coverage.
He explained that while the law provides a loan program for those who want to pursue tertiary education, it is inadequate because it does not cover all eligible citizens.
“Education is not only a major factor in the nation’s economic and social growth but also an important tool for human development. However, despite government efforts to make education accessible to all citizens through scholarships, grant-in-aid, and special loan programs, quality education remains inaccessible to many, especially to the poor or underprivileged,” Suntay said in his explanatory note.
Under the bill, any student who finishes high school can apply for a loan to pursue a college degree or vocational education.
The loan will be interest- free for the first five years of the repayment period. After five years, it will have an interest of two percent yearly.