Study Now, Pay Later: 14 Student Loans in the Philippines

Let’s face it: A lot of Filipino students miss important opportunities due to financial woes. While scholarships and grants are obvious remedies to students’ financial incapacities, most of them have rigorous academic requirements not everyone can satisfy.

Thankfully, there’s a more inclusive alternative: student loans.

In this guide, you’ll learn how this kind of financial assistance works. We’ve also listed down a few reputable organizations that offer student loans in the Philippines.

What is a Student Loan?

A student loan is an amount borrowed to pay for the cost of a college education. Also called an education loan, tuition loan, or tuition installment plan, this type of loan usually covers tuition and other school fees, books and supplies, allowances, student accommodations, and other school expenses.

Unlike scholarships and grants, student loans must be paid back in installments, plus interest, over the entire loan term. Some lenders allow student-borrowers to fully repay their loans after they graduate or find a job.

Scholarships, Grants, and Student Loans: What’s the Difference?

All these terms refer to financial aid for students to pay off higher education expenses. But although scholarships, grants, and student loans may sound the same, these three are entirely different.

Below, let’s differentiate each type of financial assistance for students in the Philippines.

📚 Scholarships

In essence, scholarships are based on either the student’s academic performance or skills. For instance, Jennifer is a scholar because she is a member of the university’s volleyball team, while Gerald is a scholar because he maintains high grades in his subjects. You may have a scholarship during your first year in college, but you might lose this once your grades fall below the required rating.

Government agencies, LGUs, and higher education institutions usually sponsor scholarship programs.

📚 Grants

A grant refers to the amount provided to a student in the form of cash. Grants may or may not be based on academic performance. Some sponsors consider the applicant’s economic status.

For instance, your child can have a grant of ₱50,000 worth of college funds. This may or may not cover the costs for the entire school year but may be used to pay for tuition and other school expenses.

📚 Student Loans

Student loans are entirely different from grants and scholarships because the amount borrowed needs to be paid back. Whether it’s a government student loan in the Philippines or a loan from the bank, students should return the money according to the terms and conditions indicated in the loan agreement.

Advantages of Applying for a Student Loan

A tuition fee loan is one of the most practical options parents can consider for their kids' education. Here are a few reasons why:

👍 No Credit Score Required

Most student loans don’t check credit scores. This means you’ll have a higher chance of approval once you submit the correct documents and comply with the requirements.

If you plan to use a personal loan to fund education-related expenses, however, banks will still take credit score, among other things, into consideration.

👍 Easy Repayment Terms

Although some loans for students should be paid by the end of the current semester, most tuition loans in the Philippines allow borrowers to pay off the amount after graduation, when they’re already working.

Again, note that terms may differ for personal loans. 

👍 Helps Students Focus

Instead of worrying about where to source funds, get peace of mind with student loans. Your child can focus on their studies and plan their career.

Disadvantages of Applying for a Student Loan

Student loans are not entirely harmless. While they offer great benefits, they can be more detrimental than useful if mismanaged. Here are some of the disadvantages of getting a student loan:

👎 Start Your Adult Life in Debt

If you’re a self-supporting student who availed of a student loan, the said financial obligation can put you at a disadvantage fresh out of college. It will especially be a bigger burden to you if you struggle to find a job right away or get stuck in one that pays very little. 

Interest may also accumulate if you don’t settle your debt at once. You might end up struggling to make ends meet or even fall into a debt trap if you don’t manage your finances well.

👎 Forces You to Put Off Other Goals

A ballooning debt can cripple a family financially and leave them with no choice but to live from paycheck to paycheck. Borrowers may find themselves cutting corners or delaying certain goals (e.g., home renovation, vacation, etc.) just to pay back the loan. 

👎 Your Credit Score Will Drop if You Can’t Pay

Defaulting on student or personal loans will significantly impact your credit score, which in turn will affect your ability to apply for credit cards, car loans, and mortgages down the line.

14 Student Loans in the Philippines

Wondering where to apply for a student loan in the Philippines?

Government agencies, banks, private lenders, and schools offer student loans. For this list, we’ve narrowed down your options to 14 educational loans with the best features.

Some of them charge low interest, reducing the cost of borrowing. Other providers offer an easy and quick online loan application process for students who need to pay their tuition urgently.

Here are the best student loans in the Philippines for students who need financial aid:

🎓 UnionBank Personal Loan

Key Features: 

• Loanable amount of up to ₱2 million
• Annual contractual rate of 26.9% 
• Repayment terms of up to five years
• No collateral or guarantor required

Eligibility and Documentary Requirements: 

• 21 to 65 years old
• Filipino resident or local resident foreigner with valid billing address in the Philippines
• Principal cardholder
• With a inimum gross annual income of ₱250,000
• One valid government-issued ID with picture
• Tax Identification Number
• Proof of income
• Accomplished application form
• For foreign nationals: passport or documents that prove Philippine residency

If your child’s tuition is expensive and you need a hefty amount to cover it, UnionBank’s Personal Loan^[1] can help you out. Borrow up to ₱2 million, which you can use for school admission fees, and pay it back for one to five years. 

One of the best things about this cash loan for students in the Philippines is that you don’t have to pledge collateral to get approved. Plus, processing takes as fast as five minutes.

Read more: Fund Your Big Dreams: How to Apply for a UnionBank Personal Loan

🎓 UNO Digital Bank Personal Loan 

Key Features: 

• Loanable amount of up to ₱500,000
• Interest rate of 2%
• Repayment terms of six, 12, 18, 24, or 36 months
• No co-maker or collateral required 

Eligibility and Documentary Requirements 

• 18 to 70 years old
• Filipino or legal resident in the Philippines (at least six months)
• Must be in good health 
• Certificate of employment
• Latest payslips for the last three months
• Latest bank or credit card statement
• Latest loan statement
• Latest insurance premium receipt
• Latest Home Credit payment receipt 

Looking for a more convenient way to apply for a loan? UNO Digital Bank makes it possible with this personal loan for students. Just download the UNOBank app,  create an account, and apply for your desired loan product. 

Loan amounts start at ₱10,000, which should be enough to fund book expenses or supplement your existing budget for tuition. But if you’re looking for a bigger amount, you can borrow up to ₱500,000. 

🎓 SSS Educational Assistance Loan Program (EALP)

Key Features: 

• For four-year degree courses: Loanable amount of up to ₱20,000 per term (maximum of ₱160,000 full allocation or eight semesters, 12 trimesters, or 16 quarters)
• For five-year degree courses: Loanable amount of up to ₱20,000 per term (maximum of ₱200,000 full allocation or 10 semesters, 15 trimesters, or 20 quarters)
• For two-year technical/vocational courses: Loanable amount of up to ₱10,000 per semester/trimester (maximum of ₱40,000 or four semesters for semestral programs, or a maximum of ₱60,000 or six trimesters for trimestral programs)
• Interest rate of up to 6% per year 
• Repayment terms of up to five years for degree courses and up to three years for technical/vocational courses

Eligibility and Documentary Requirements: 

• Below 60 years old; must not be 65 years old or older at the end of the repayment term
• Monthly basic salary or income of ₱25,000 or below
• At least 36 posted SSS contributions (six of which should be posted within the last 12 months before the month of the loan application)
• Up-to-date in the payment of member loan amortizations (i.e., no overdue payments for salary or housing loans)
• Assessment or billing statement issued by the school of beneficiary
• Application form
• Valid ID
• Proof of relationship to the beneficiary 
• Proof of monthly income 

Launched in 2012, the Educational Assistance Loan Program (EALP) enables SSS members to borrow money to pay for their beneficiary’s college education.

Who is qualified for the SSS Educational Loan? Beneficiaries can be the member-borrowers themselves, their child (legitimate, illegitimate, or legally adopted), their legal spouse, or their sibling (for unmarried members only)—as long as they’re not full scholars enjoying free tuition and other school fees. They should be enrolled in any undergraduate course offered by schools accredited by CHED, TESDA, Civil Aviation Authority of the Philippines, and other government agencies.

The SSS Educational Assistance Loan is funded on a 50-50 basis by the National Government and the SSS.

Related: How to Apply for an SSS Salary Loan: A Step-by-Step Guide

🎓 Pag-IBIG Multi-Purpose Loan (MPL)

Key Features: 

• Loanable amount of up to 80% of the Pag-IBIGg member’s regular savings
• Interest rate of 10.5% per year
• Repayment terms of 24 to 36 months

Eligibility and Documentary Requirements: 

• Active Pag-IBIG member
• With at least one monthly membership savings within the last six months before the date of the loan application
• With at least 24 paid contributions under the Pag-IBIG regular savings program
• Has no defaulted accounts (if with an existing Pag-IBIG loan)
• Accomplished application form
• Valid ID
• Proof of income
• Photocopy of the payroll account or disbursement card

There’s technically no such thing as a Pag-IBIG student loan. But since Pag-IBIG’s Multi-Purpose Loan or MPL covers a wide range of financial needs, you can use it to pay for your child’s tuition and other expenses like books and school supplies. 

One of the best things about this loan is that the agency processes applications in as fast as two days. 

Read more: Looking for a Short-Term Loan? Try Pag-IBIG’s Multi-Purpose Loan

🎓 GSIS Educational Loan 

Key Features: 

• Loanable amount of up to ₱100,000 per school year; a maximum of ₱500,000 for a five-year college degree
• Interest rate of 8% per year
• Repayment term of 10 years with a maximum grace period of five years

Eligibility and Documentary Requirements:

• Active GSIS member with at least 15 years length of service
• Has paid the latest three monthly contributions for both personal share and government share at the time of loan application
• Has a clean government record (i.e., no administrative and/or criminal case)
• Agency status is not “suspended”
• No overdue GSIS loan/s
• Not on leave of absence without pay at the time of application
• With the appropriate net take-home pay (NTHP) as required under the General Appropriations Act
• Accomplished application form 
• Photocopy of the student’s latest tuition assessment form (original copy to be presented)
• Photocopy of the school ID with three signature specimens found on the same page (if unavailable, any valid IDs showing the date of birth, picture and signature of the student)

Under its Ginhawa for All (GFAL) program, which aims to ensure the general welfare of people who work in the government, the Government Service Insurance System (GSIS) offers an education loan that essentially enables students to study now and pay later.

The loan is open for active GSIS members who have children and/or relatives pursuing an undergraduate course in a private or public university. Qualified applicants can nominate up to two beneficiaries. 

Repayments begin only in the sixth year after loan approval, once the student beneficiaries finish their studies and start working. 

🎓 LandBank of the Philippines I-Study Lending Program  

Key Features: 

• Loanable amount of up to ₱300,000, including a ₱50,000 allowance per student to finance a gadget purchase
• Interest of 5% per year
• Repayment term of up to three years, depending on the loan

Eligibility and Documentary Requirements: 

• Filipino citizen of legal age (including student-borrowers) with established repayment capacity
• Established credit history and good credit standing
• Permanent resident or resided in the area of residence for at least two years
• Combined monthly net pay after loan amortization of ₱10,000 per student
• Accomplished loan application form
• Borrower’s valid ID
• Borrower’s proof of income
• Proof of billing address and payment record from two service/utility companies
• Student’s proof of enrollment
• Form 138/Certified True Copy of Grades for the previous semester attended
• Certificate of Good Moral Character issued by the school
• Schedule of payment of school fees and other enrollment-related expenses for the semester or school year

LandBank’s Interim Students’ Loan for Tuitions Towards Upliftment of Education for the Development of the Youth (I-STUDY) is a flexible lending program for parents who have kids in preschool, elementary, high school, and college.^[2]

The short-term loan is the credit facility for preschool, primary, and secondary students. If your kid is in tertiary level, get the term loan. You can use LandBank student loan proceeds to pay for tuition, enrollment-related fees, and electronic gadgets that can aid your child in distance learning.

🎓 BPI SIP Loans for School

Key Features: 

• Loanable amount up to 100% of your credit card’s credit limit
• Interest rate of 0.75% per month
• Repayment terms of three to 24 months

Eligibility Requirement:

Must be a BPI credit cardholder of good standing

BPI credit cardholders may avail of a special installment plan (SIP) by visiting the nearest BPI branch. Application is relatively quick with a five-day processing period. 

Avail of up to 100% of your credit limit. Plus, the interest rate is relatively low at 0.75% for up to 24 months. This means lower monthly payments on your end. 

Don't have a BPI credit card yet? Compare your options and apply via Moneymax:

Credit Card	Minimum Annual Income Requirement	Annual Fee	Key Features
BPI Rewards Card	₱180,000	₱1,550	1 BPI Point for every ₱35 spend
Petron BPI Card	₱180,000	₱1,550	3% fuel rebate at Petron  ₱200 fuel voucher welcome gift
BPI Amore Cashback Card	₱180,000	₱2,050	4% cashback on supermarkets, 1% on drug stores and utilities, 0.3% on other local spend
BPI Edge Card	₱180,000	₱110 monthly	1 BPI Point for every ₱50 spend
BPI Gold Rewards Card	₱480,000	₱2,250	1 BPI Point for every ₱35 spend Up to ₱10 million free travel insurance
BPI Amore Platinum Cashback Card	₱1 million	₱5,000	4% cashback on restaurants, 1% on supermarkets and other shopping stores, 0.3% on everything else
BPI Platinum Rewards Card	₱1 million	₱4,000	2 BPI Points for every ₱30 local spend and ₱20 foreign currency spend online or abroad
BPI Signature Card	₱1.2 million	₱5,500	2 BPI Points for every ₱20 spend 50% off Signature Exclusives

Related: How to Get a Personal Loan From BPI: Requirements and Process

🎓 Digido Cash Loan

Key Features: 

• Loanable amount of up to ₱25,000
• Interest rate of 0% for the first seven days
• Repayment terms of up to 180 days

Eligibility and Documentary Requirements: 

• Filipino citizen 
• 21 to 70 years old 
• Valid government ID

Digido is an SEC-registered online lender that offers financial solutions to Filipinos with minimal documentation required. While it doesn’t have a student loan per se, it offers an easy cash loan to students who meet its eligibility criteria.

Since it offers a relatively low loan amount, use it to buy books, small gadgets, and other school requirements. To apply, just register for an account on Digido and complete your application from there. 

🎓 Bukas.ph Loan

Key Features: 

• Loanable amount of up to ₱100,000
• Interest rate of 1.9% per month (rates may vary per school)
• Repayment terms of three to 12 months

Eligibility and Documentary Requirements: 

• Filipino citizen
• At least 18 years old
• Enrolled or will enroll at one of Bukas’s partner schools as an undergraduate or postgraduate student 
• Has a source of income (can be yours or your co-borrower’s or both)
• Valid ID with selfie
• Proof of residence
• School assessment form 
• Additional contact person with contact details 
• Co-borrower requirements: valid ID selfie, proof of residence, and proof of billing

Bukas is an education financing company licensed by the Securities and Exchange Commission (SEC) that provides student loans for college students in the Philippines. Students of Bukas’ partner schools, such as Ateneo de Manila University, FEU, CEU, Mapua University, and Lyceum of the Philippines University, may avail of a Bukas student loan.

🎓 InvestEd Student Loan

Key Features: 

• Loanable amount of up to ₱40,000
• Interest rate of 2.42% to 2.67% per month
• Repayment terms of up to 28 months

Eligibility and Documentary Requirements: 

• Personal identification (e.g., school ID, government-issued ID, NBI clearance, etc.)
• Selfie with chosen identification
• Proof of enrollment 
• Guarantor details (contact information, company ID, government ID, NBI clearance, etc.)
• Proof of graduation for board exam loan (e.g., diploma or transcript of records); if not yet graduate, present proof of enrollment and proof of review center registration.
• Proof of billing
• Government clearance (e.g., barangay clearance, NBI clearance, and police clearance)
• Photo of your house
• Other requirements specific to the type of loan

InvestEd is a social enterprise licensed as a lender by the SEC. You can use the InvestED student loan for different purposes, including tuition payments, gadget purchases (e.g., laptops, tablets, and smartphones for online classes), rent, board exam fees, school allowances, and payments for thesis-related expenses.

🎓 BlendPH Educational Loan

Key Features: 

• Loanable amount of up to ₱25,000
• Interest rate of 3% per month 
• Repayment terms of up to six months

Requirements: 

The student loan requirements aren’t specified on the website, but prepare the following at least: 

• Valid government-issued ID
• Certificate of employment
• Payslips for the last three months
• Proof of billing 

Through the BlendPH Education Loan, students from BlendPH’s partner schools or training schools can borrow money to fund their educational needs. Working professionals who want to enhance their knowledge through training can also apply. 

BlendPH directly forwards the loan proceeds to the partner or training school. This means that you won’t be able to use the money for other purposes. 

🎓 University of the Philippines Los Baños (UPLB) Student Loan 

Key Features: 

• Loanable amount of up to 80% of the total assessed fees or up to 100% loan if the request to avail of such a loan is approved by the Chancellor 
• 6% interest per year

Eligibility and Documentary Requirements: 

• Updated personal information in UPLB’s Student Academic Information System (SAIS)
• Accomplished application form
• Scanned copy of the student’s co-debtor’s valid ID (with clear picture and signature)
• Electronic signature of the co-debtor
• If applying for a 100% loan: Request to Avail of 100% SLB Form^[3]

UPLB students can apply for the SLB Program. Successful applicants are allowed to defer registration payment of up to 80% of the assessed fees during enrollment. Nevertheless, applicants can enjoy a 100% loan provided their request to avail of such is approved by the Chancellor.

This educational loan in the Philippines is open to all qualified undergraduate and graduate students. Students taking up non-degree programs are exempt from the program.

How to Choose and Apply for a Student Loan in the Philippines

Learn how to get a loan for students in the Philippines so you can cover the cost of tuition and other school expenses:

Step 1: Research on Student Loan Offers

Cash loans for students in the Philippines are not as well-known as other types of loans, so do your research on the different study now, pay later programs in the Philippines for college students.

Step 2: Compare Student Loans in the Philippines

To ensure you won’t be burdened with loan repayments you can’t afford, study each of your options carefully and then compare their features. Look for these features in particular:

• Low interest rate, low fees, and no hidden charges - These will lower your cost of borrowing.
• Loan amount - Compute how much you need to borrow and check if it’s within the range that the lender is willing to lend.
• Loan term - How soon can you fully pay off your loan? If you need a long time for repayments, look for a lender that offers a longer term. If you're a student getting the loan yourself, consider one that allows you to start paying after you graduate or get a job.

Step 3: Ask for a Sample Computation

Whether you love or hate math, you have to compute the monthly installment to know if you can afford it. Check the lender’s website for a sample computation of monthly amortization. If it’s not available online, inquire through the lender’s customer service hotline or social media account.

Step 4. Prepare Your Supporting Documents

Most college students are considered of legal age, but some lenders require the guidance of a parent or an older relative to serve as the guarantor for the loan. Parents may not apply as the primary borrower, but they can be responsible for their children’s unpaid college loans, especially if they consented as a guarantor. 

Generally, applicants should prepare these documents:

• Student ID
• Birth certificate
• Parent’s marriage certificate
• Form 137 or high school card
• Clearance from the previous school
• Certificate of graduation
• Parent’s ID
• Parent’s income tax return (ITR)

Step 5: File Your Student Loan Application

Once you have all the requirements ready, submit your application to the student loan provider. Depending on the lender, you can apply for a tuition loan either online or in person at the provider’s office.

Tips to Remember When Applying for a Student Loan

Follow these tips to pick the right loan product and facilitate faster student loan approval:

✔️ Don't Fall for Loan Sharks

Both parents and students can be easy prey for illegal lenders because of a lack of knowledge and experience. Never transact with lenders that charge a very high interest rate. Research the company's background and check if they have a lending license from the SEC.

✔️ Maintain a Good Academic Performance

Remember that some lenders check the loan beneficiaries’ grades to see if they’re capable of focusing on their studies and using the loan for educational purposes only. Your child’s academic performance can also be used to evaluate your sense of responsibility as a borrower.

✔️ Check for Legitimate Links and Websites

Almost all transactions can be done online. To protect your privacy and personal information, make sure you’re transacting through a legitimate website. Some scammers may use your identity to make fraudulent transactions.

✔️ Ask for Advice

If you're a student, involve your parents or guardians in your decision-making. Discuss your plans to apply for an educational loan in the Philippines. Their wisdom and experience can help you make a good decision when it comes to selecting the right school, choosing the appropriate course, and applying for the best student loan with the lowest interest rates.

If you're the parent, it's better to still consult someone who's knowledgeable about student loans, such as a lawyer, accountant, or finance professional.

Final Thoughts

Don't let your financial situation stop your child from achieving their dreams. Legitimate student loans in the Philippines can help students continue their college education and focus on their studies instead of worrying about how to fund their education.

What to do if your student loan application gets rejected? For other funding options, check out the list of personal loans below. Compare your options and apply through Moneymax!

Provider	Loan Amount	Monthly Add-on Rate	Loan Term	Minimum Annual Income	Approval Time
UnionBank Personal Loan	Up to ₱2 million	26.9% per annum	12 to 60 months	₱250,000	As fast as 5 minutes
UNO Digital Bank Personal Loan	₱10,000 to ₱500,000	1.79% per month (corresponds to annual contractual rates or annual percentage rates ranging from 35.78% to 37.54%)	Six to 36 months	₱240,000	Five to seven banking days
Metrobank Personal Loan	₱20,000 to ₱2 million	1.25% to 1.75%	36 months	₱350,000	Seven banking days
BPI Personal Loan	₱20,000 to  ₱3 million	Maximum annual contractual rate of 28.67%	12 to 36 months	Inquire with BPI	Five to seven banking days
Tonik Credit Builder	₱5,000 to  ₱20,000	4.84%	Six to 12 months	Inquire with Tonik	Two banking days
Tala	₱1,000 to ₱25,000	0.43% daily	Up to 61 days	None	Five minutes to 24 hours
HSBC Personal Loan	₱30,000 to ₱500,000	0.65%	Six to 36 months	₱168,000	Five to seven banking days
CIMB Personal Loan	₱30,000 to ₱1 million	As low as 0.83%	12 to 60 months	₱180,000	One to two banking days
Maybank Personal Loan	Up to ₱1 million	1.3%	Up to 36 months	₱300,000	Inquire with Maybank
RCBC Bank Personal Loan	₱50,000 to ₱1 million	1.3%	Six to 36 months	₱360,000	5 to 7 banking days
PSBank Personal Loan	₱20,000 to ₱250,000	42.88% Effective Interest Rate per annum for a 24-month term (term loan) 41.29% Effective Interest Rate per annum for a 36-month term (Term Loan) 34.49% Effective Interest Rate per annum for 12 months (Revolving Loan	24 or 36 months	₱180,000	Five to nine banking days

Sources: 

• ^[1] UnionBank Personal Loan
• ^[2] LANDBANK I-STUDY Program
• ^[3] UPLB Request to Avail of 100% SLB Form