SEN. Lito Lapid has filed a bill that seeks to establish a loan program for college students to help them defray miscellaneous expenses.

Senate Bill 1939 aims to create the College Living Expenses Financing Program for students with good academic standing.

The measure mandates the government to set up a loan guarantee fund for students to be provided by the Development Bank of the Philippines and the Land Bank of the Philippines.

Lapid said that while the Universal Access to Quality Tertiary Education Act provides free tuition to students in state colleges and universities, students incur other expenses for food, board and lodging, transportation, uniforms and books and other supplies.

“This bill seeks to alleviate the burden that the students face by offering them student loans with minimal interest,” the senator added.

Under the bill, each eligible student shall be entitled to a maximum loan of P50,000 per semester and a maximum of P400,000 for up to five years of college studies.