For this school year, incoming college students and transferees at any STI campus nationwide can avail of loans through its student loan program in partnership with the Land Bank of the Philippines (Landbank).
The initiative aims to help students continue their education amid financial difficulties due to the COVID-19 pandemic.
STI Education Services Group, Inc. (STI ESG) has tapped into Landbank’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program that loans money to educational institutions, which in turn can be lent to students.
“Almost 70 percent of our students are supported by overseas workers, who are being repatriated during this pandemic, and the Landbank’s facility provides the much-needed relief," STI ESG vice chairman and CEO Monico Jacob said.
"This also shows how committed we are to the education of our youth, and we are happy to work with Landbank to make sure our youth’s future will continue to be bright and hopeful,” Jacob added.
The Landbank-STI Student Loan Program is payable based on the maturity of the sub-promissory notes, but not to exceed three years and at no interest.
“STI ESG has also agreed not to pass on the 3 percent interest of this facility. We will absorb this cost, and we thank Landbank for being the first bank to offer a study now, pay later plan,” Jacob said.
Under the program, incoming college students and transferees this school year 2020-2021 can borrow up to P15,000 per term which will be credited directly to their STI campus. The loan amount is intended solely for defraying the cost of tuition and other school fees for a given term.
“We would like to thank STI ESG management team for putting faith in Landbank and our ACADEME Program to finance and ensure the enrollment of around 15,000 to 25,000 students in STI colleges and academic centers this coming school year,” said Landbank president and CEO Cecilia Borromeo.
Landbank allotted P3 billion for the program, which offers refinancing or rediscounting of promissory notes issued by parents or benefactors of students for school loans.
Eligible schools can borrow up to 70 percent of the sub-promissory notes on a per semester basis, and subject further to a maximum amount based on the school’s net borrowing capacity, with a very low fixed interest rate of 3 percent per annum.
STI is now accepting applicants for senior high school and college for the first term of the school year 2020-2021. For more information on the Landbank-STI Student Loan program, please visit https://studentloan.sti.