To provide loan payment relief for its members, the Government Service Insurance System is offering a restructuring program for around 500,000 members who have outstanding balance under the Educational Assistance Loan. Under the second phase of the program, members may renew their educational loan and obtain a P10,000 gross amount from which the outstanding balance of the first loan will be deducted. GSIS has earmarked a total of P6.33 billion for the restructuring facility, dubbed Educational Assistance Loan II, which is open until Dec. 31 this year. This year’s educational loan is payable in 60 equal monthly installments of P216.67 at six-percent interest rate per annum computed in advance. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, if loan repayment is up to date.

Source: The Standard July 23, 2017 16:06 UTC