Friday, June 15, 2007 Social security office suspends education loans
THE difficulty in looking for jobs and the low pay among borrowers are among the reasons which prompted the Social Security System (SSS) to momentarily suspend its education loans.
SSS North Luzon assistant vice president Luis Olais said this is also the reason why they have not been promoting the educational loan yet.
As a rule, the payment for educational loans has to be made right after graduation. However, Olais said that the SSS experienced a delay in the payment of loans because new graduates could not immediately find jobs or that their salary is too low to pay for the loan.
The SSS at the moment is promoting for the availment of other forms of loans instead, as well as the invitation of professionals to pay the exact amount of contributions consonant with their respective incomes.
The SSS said the plan is not meant to burden them by asking for the payment of a higher premium, but to ensure that contributions are commensurate to their income.
He explained that those within the category are supposed to pay the maximum contribution of P1,250 per month. (RO)
