Money

Landbank opens P300,000 loan program for students

The Land Bank of the Philippines has launched a lending program to encourage students to continue their education.

Under the i-STUDY program, parents and guardians of students in private schools may borrow up to P300,000, equivalent to two semesters at a fixed interest rate of 5% per year.

Landbak said the program was in response to President Duterte’s call “to support students during this time of crisis.”

“Short-term loans payable within one year are available for pre-school, primary and secondary school students under the program, while term loans payable up to a maximum of three years, inclusive of a one-year grace period on the principal amount are available for tertiary level students,” the Department of Finance said.

The program is on top of the earlier ACADEME loan program for private high schools, private technical-vocational education training institutions, colleges and universities granting promissory notes to institutions.

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