Guide to Student Loans in the PhilippinesGoBear Guides | Helping Filipinos become money smart with unbiased reviews and comparisons
Why get student loans in the Philippines?
Tuition fees have been rising and finding ways to cover them are getting harder. One of the best ways to ensure your children’s education is by using student loans.
Currently, college tuition fees average at around ₱90,000 per year. Although, top colleges in the country such as Ateneo and De La Salle could reach a tuition fee amount of ₱200,000, while the University of the Philippines Diliman requires around ₱20,000 per sem if the income bracket of the parents are not above ₱1 million. High school fees are also quite hard on the bank with fees that do not differ much from college fees.
With student loans, you can fully cover your children’s tuition expenses with the flexibility of having extra months to cover the payments. Most schools also offer discounts for full tuition fee payments that you could use to your advantage. Since tuition fees never go down and always go up, paying today in full using a loan can be beneficial.
How much student loans can I borrow?
The average maximum amount that you can borrow through personal loans is ₱2,000,000, as banks advertise. Although, the amount you can borrow will also depend on your monthly income which should be at least ₱20,000. With an average of 3 children per household with each three years apart, we could look at around ₱180,000 per year of tuition fees for college and senior high school alone.
Compare student loans in the Philippines
Student loans with lowest monthly payment
If you are searching for student loans with the lowest monthly payment, you can look at the Equicom personal loan and Chinatrust salary stretch loan, where you’ll only have to pay ₱17,502 per month for a ₱180,000 education loan. You may choose to lower your monthly payment by stretching the loan period, but this will increase your total payment.
Student loans with lowest total payment
The lowest total payment available for a ₱180,000 personal loan is ₱211,524 for a 1-year loan tenure which is also offered by Equicom and Chinatrust personal loans. The interest added to the principal amount is ₱30,024 with a ₱1,500 fee for short-term loans such as this.
What banks offer special loans for Tuition Fees?
Loans that are specifically made for paying tuition fees are very rare to find in the Philippines. There are a few choices such as the Maybank tuition fee loan and the Citi education loan, but these act different compared to student loans offered in other countries. These types of loans are very similar to personal loans where you’ll have repayment terms and a monthly amortisation. The benefits of using this loan are usually lower interest rates and fewer loan fees.
At GoBear, we want to teach Filipinos to use our comparison tools with instant quotes before going to the bank to apply. Our comparisons offer the highest transparency, allowing you to see how much of the total loan goes to bank fees, interest rates and how much of the loan actually reaches your hands. While GoBear does not have agents to process your application, this startup does not charge a single cent for using the website. When you're ready to apply for your student loans, we redirect your details to the bank or bank provider and they will handle you from there.
Our bank partners and bank providers do not charge processing fees as well and there are no upfront fees. When you apply with our partners, all requirements can be sent via email to them so you won't have to leave your home. When you click through with GoBear, we get a small marketing fee from our partners. And since we don't sell or get commission from the products we compare, you are assured that the values you see in the quotes cards are the nearest estimates from the bank. No commissions on top.
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Are you searching for the best student loans or education loans available in the Philippines? Compare personal loans with GoBear to help you find the lowest monthly payments available.