STUDY NOW, PAY LATER BILL FILED IN HOUSE OF REPRESENTATIVES
MAGDALO PartyList Representative Manuel Cabochan III has filed a bill that aims to establish a more encompassing Study Now, Pay Later Program.
House Bill 10467 aims to cover students in private and public schools to ensure that all Filipino students will have access to quality education no matter their status in life.
Cabochan said that his measure improves on Republic Act 8545 or the “Government Assistance to Students and Teachers in Private Education Act” of 1998 which he called “self-limiting.”
He explained that the law only covers college students enrolled in private academic institutions.
The lawmaker said that the Government Service Insurance System also has a P20-billion SNPLP program but it is only for college students of the members’ family.
House Bill 10467 will have two components: student loan and discounting of promissory notes.
Students who need money for their tuition and other school fees can apply for a loan. The SNPLP program will be implemented in cooperation with the Development Bank of the Philippines and the Land Bank of the Philippines.