A student loan program offered by a bank and one of the largest networks of private schools in the country aims to help students and their parents cope with difficulties brought about by the coronavirus pandemic.
STI Holdings Inc., which owns and operates the STI Education Services Group (STI ESG), launched a study now, pay later program in partnership with Landbank. STI ESG actually availed of the government financial institution’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program, a scheme offered by the government to select academic institutions for the current school year.
Under the scheme, incoming and existing college students and transferees can borrow up to P15,000 per term, which will be credited directly to their STI campus. The loan will cover tuition fee and students may pay for it within three years.
“Almost 70 percent of our students are supported by overseas workers, who are being repatriated during this pandemic, and the Landbank’s facility provides the much-needed relief,” said STI Holdings President and CEO Monico V. Jacob in July. “This also shows how committed we are to the education of our youth, and we are happy to work with LANDBANK to make sure our youth’s future will continue to be bright and hopeful.”
Landbank launched thew ACADEME program in May while STI Holdings announced its partnership with the bank in July in time for the the opening of the 2020-2021 school year. STI also issued a disclosure about the study now, pay later schedme in the Philippine Stock Exchange on Friday.