The Landbank of the Philippines has launched a “study now, pay later” program to help students in select academic institutions to continue their education. amid financial difficulties due to the coronavirus pandemic.
Landbank’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program aims to loan money to educational institutions, which they can in turn relend to their students.
The bank’s lending program offers zero interest to students.
Landbank Assistant Vice President for Program Management Generoso David said they are targeting private non-DepEd junior and senior high schools, private technical, vocational educational training institutions, and private higher educational institutions.
“’Yung mga parents definitely nahihirapan sa cash flow nila ngayon. Pumapasok kami para matulungan ang mga estudyante para tuluyan pa rin silang makapa- enroll,” David told CNN Philippines on Friday.
[Translation: Parents are definitely having a hard time right now with their cash flow. We are coming in to help students so that they will still be able to enroll.]
David added that although they are offering zero interest to students, they will be giving the loans to schools at 3% interest.
“It is very low considering the market rate,” he said.
The repayment scheme depends on the arrangement of the students with their school. It can be after the semester, after the school year, or even until graduation.
David said this can also help academic institutions in keeping the number of their enrollees up despite the current health crisis and economic downturn.
“It is to enable them to increase their number of enrolees. The more number of students, the more revenue income,” David added.
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