Active Government Service Insurance System (GSIS) members who have not yet availed of the one-time educational assistance loan (EAL) may still apply for the Educational Assistance Loan until December 27, 2013, GSIS announced in a statement.
All active members, regardless of salary grade, length of service, and status of agency and member accounts are entitled to avail of the EAL in the amount of P4,000.
Eligible members may file their application for EAL over the counter or through their agency's liaison officer. Certification from their agency authorized officer or endorsement from their respective agencies is not required.
The loan is payable in five years, with six percent interest per annum. The amortization for 59 months is P20 per month or P240 per year, with the first monthly amortization to start three months from the grant of the assistance.
The GSIS Educational Assistance Program (EAP) was launched in 2012 following the Labor Day speech of President Benigno S. Aquino III, instructing both the GSIS and Social Security System to generate an educational assistance fund for their stakeholders.
GSIS President and General Manager Robert Vergara said that through the EAP, the GSIS has been helping members defray their children’s education expenses. He said over P2.49 billion has been released under the program.
The application form for the EAL may be obtained from any GSIS offices or downloaded from the GSIS website, www.gsis.gov.ph. (GSIS)