Land Bank offers 'Study now, pay later' program

The Land Bank of the Philippines (LANDBANK) is launching a new lending program called I-STUDY Program.

Photo credit: broadexamresultsphil.net

Land Bank is offering loans of up to P300,000 under its study-now-pay-later program or I-STUDY Program meant to cover students’ tuition fees and assist parents troubled from the pandemic.

The program is open to parents and guardians/benefactors of incoming students qualified under the admission and retention requirements of an academic institution recognized or accredited by the Department of Education, Commission on Higher Education, or the Technical Education and Skills Development Authority.

Parents or guardians can borrow tuition equivalent to 1 school year or 2 semesters, or up to P150,000 per student but not more than P300,000 per eligible borrower, under the terms and conditions of the I-STUDY program.

Qualified parents or guardians of incoming pre-school, primary and secondary students can avail the study-now-pay-later loan with a fixed 5 percent interest rate per annum payable in 1 year, while term loans for tertiary students are payable in 3 years with a 1 year grace period on the principal amount. 

“Through the I-STUDY Lending Program, we hope to help students finish their studies despite the difficulties they are facing,” said Landbank president and CEO Cecilia Borromeo in a statement.

Qualified parents and guardians should have:

• an established repayment capacity
• good credit history 
• good credit standing 

Eligible students should be:

• of good moral character as certified by the school
• qualified under the admission and retention requirements of recognized or accredited academic institutions
• not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017
• not a holder of any scholarship program or privilege granted to honor students

Landbank said it allotted P1.5 billion in credit support for this program, available only for school years 2021 to 2022.