Because of the pandemic, schools were disrupted and everyone had to transition to online classes— all students from preschool to college had to adapt to virtual learning. And because of the sudden shift, students and parents were not prepared with the equipment and materials needed for online learning like laptops, tablets, and earphones.
But aside from the preparations needed, parents— and even the students themselves—mhad to face another problem: purchasing the equipment. (Read: Limited Face-To-Face Classes to Be Allowed in Low-Risk Areas)
Purchasing a laptop, or even a tablet or smartphone, is no joke— it costs a minimum of P5,000 to be able to buy one. That’s why it comes as good news that LandBank of the Philippines (LBP) expanded its Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth (i-STUDY) program.
Expanded Loan Program
In the expanded loan program, students 18 years old and above can now apply for a gadget loan worth P50,000 for online classes.
“LandBank recognizes the need to support students in adapting to distance learning modalities,” LBP President and CEO Cecilia Borromeo said. (Read: ICYMI: These websites offer thousands of online cooking classes!)
She says that the bank hopes that the i-STUDY loan program helps students who are trying to cope with the form of learning due to the pandemic, until face-to-face classes resume.
LBP also increased the maximum eligibility of students from 30 to 50 years old, and included scholars whose tuition fees are not fully covered by their scholarships and non-scholars from private pre-school, primary, and secondary schools. (Read: 3 Powerful Prayers for Scholarship Applications)
Parents and students can also apply for a loan under the program to pay for tuition fees. Students can loan a maximum of P150,000, while parent-borrowers can loan up to P300,000 to pay for tuition and other school fees.
The i-STUDY program has a fixed 5% interest for short-term loans for pre-school, primary, and secondary students payable within one year. On the other hand, tertiary (college) students have three years to pay their loans, inclusive of a one-year grace period on the principal.