A House leader today condoled with the family of UP Manila student Kristel Pilar Mariz Tejada, as the lawmaker expressed hope that a House proposal to put up a voluntary student loan program by banks and government financial institutions (GFIs) will be pursued and ultimately become a law in the coming 16th Congress to help poor but deserving students finish their studies.
Rep. Roger Mercado, (Lone District, Southern Leyte), said it is truly saddening that a bright student like Tejada had to end her life after she was reportedly forced to take a leave of absence from her studies for failing to pay her tuition.
"We condole with the family of Kristel, and we hope that something will be done to truly help indigent but deserving students pursue their great dream to finish their studies and uplift their families' plight," said Mercado.
Mercado, Chairman of the House Committee on Transportation, said in the 15th Congress, various proposals were filed to help students with financial problems continue their college education through scholarship grants, student loan programs, subsidies and incentives.
He said one of these proposals is House Bill 6219, which he authored along with 23 other solons, seeking to establish a voluntary student loan program by banks and GFIs. The bill was approved on third and final reading by the House of Representatives on October 15, 2012 and was transmitted to the Senate on October 17, 2012.
"We hope the bill will be pursued and ultimately become a law in the 16th Congress because it aims to help underprivileged students by granting them loans which they can repay when they are done studying and are already employed," said Mercado.
Other authors of HB 6219 are Reps. Roman Romulo (Lone District, Pasig City), Juan Edgardo Angara (Lone District, Aurora), Emil Ong (2nd District, Northern Samar), Mariano Piamonte, Jr. (Party-list, A Teacher), Eulogio "Amang" Magsaysay (Party-list, AVE), Pedro Romualdo (Lone District, Camiguin), Eduardo Gullas (1st District, Cebu), Cesar Sarmiento (Lone District, Catanduanes), Florencio Flores, Jr. (2nd District, Bukidnon), Raymond Democrito Mendoza (Party-list, TUCP), Sigfrido Tinga (2nd District, Taguig City), Pryde Henry Teves (3rd District, Negros Oriental), Isidro Ungab (3rd District, Davao City), Rufus Rodriguez (2nd District, Cagayan de Oro City), Elmer Panotes (2nd District, Camarines Norte), Fernando Gonzalez (3rd District, Albay), Evelyn Mellana (2nd District, Agusan del Sur), Arnulfo Go (2nd District, Sultan Kudarat), Agapito Guanlao (Party-list, Butil), Ma. Amelita Calimbas-Villarosa (Lone District, Occidental Mindoro), Emmeline Aglipay (Party-list, Diwa), Anthony del Rosario (1st District, Davao del Norte), and Lani Mercado-Revilla (2nd District, Cavite).
The measure aims to assist eligible students obtain post-secondary education from Higher Education Institutions (HEIs) or technical-vocational institutes and colleges, by encouraging banks and government financial institutions to lend money to students to be repaid in installments after the student graduates or leaves the educational institution.
Mercado said the loan should cover the cost of the entire program offered by the HEI or tech-voc institute or college including, but not limited to, tuition and miscellaneous fees. Adjustments shall be made in case of increase in tuition and miscellaneous fees. It shall likewise include an amount for the cost of attendance, covering necessary expenses of the student for books, food, transportation, board and lodging and a reasonable allowance for projects and other school requirements.
For proper implementation and to better facilitate the collection of the loan, the bill provides that the Social Security System (SSS) and the Government Service Insurance System (GSIS) shall issue, upon application, an SSS or GSIS number to the student-borrower. The number so issued shall serve as the permanent SSS or GSIS number of the student-borrower in case of future employment with the private or government sector. - Rowena B. Bundang, Media Relations Service-PRIB
Showing posts with label Education Reforms. Show all posts
Showing posts with label Education Reforms. Show all posts
Tuesday, March 19, 2013
Tuesday, March 27, 2012
Committee on Ways and Means approves tax provision of Student Loan Program bill
The House Committee on Ways and Means has approved a tax provision of the proposed Student Loan Program Act that aims to help poor but deserving students finish their college and post-graduate degrees through the availment of loans.
Rep. Isidro Ungab (3rd District, Davao City), committee chairman, said the panel's support for the measure is a big victory for students who want to avail of loan programs to complete their college education or degrees.
This shall also ensure that education is made accessible to all according to Ungab.
Section 10 of the unnumbered substitute bill to House Bill 1876 provides that "For any loan procured under the Student Loan Program Act, lenders shall charge an interest based on the prevailing 91-day Treasury Bill rate at the time of release of the loan to be paid by the student borrower." It also provides that such loans shall be exempted from payment of documentary tax.
Prior to its referral to the Committee on Ways and Means, the bill was approved by the Committee on Higher and Technical Education chaired by Rep. Juan Edgardo Angara (Lone District, Aurora).
Rep. Rufus Rodriguez (2nd District, Cagayan de Oro City) assuaged the fear of finance officials that the loan program could saddle many students with loans to pay after graduation just like their counterparts in the United States.
Based on his experience when he took up his master's degree at the Columbia Law School in the US, Rodriguez said many of his classmates were scholars and grantees of federal loans.
"The repayment scheme is good. In fact, the program has been going on for the past 30 years. The proposed student loan program has to be implemented otherwise many of our deserving students won't be able to finish college simply because they don't have the money while scholarship fund from the government is miniscule. The CHED is only giving P5,000 per year or P2,500 per semester. How can our poor students finish college?," said Rodriguez.
The proposed Student Loan Program Act aims to assist eligible students to obtain post-secondary technical or vocational certificates or diplomas in tech/voc institutes and colleges, and post-graduate degrees in higher education institutions by encouraging banks and government financial institutions to lend money to eligible students to be repaid in installments, at least 24 months after the student graduates or leaves the educational institution.
The loan shall cover the cost of the entire program offered by the higher educational institution (HEI) or tech-voc institute, including, but not limited to, tuition and miscellaneous fees. Provided that adjustments shall be made in case of increase in tuition and miscellaneous fees. It shall likewise include an amount for cost of attendance covering necessary expenses of the student for books, food, transportation, board and lodging, and a reasonable allowance for projects and other school requirements.
The substitute bill is authored by Reps. Roman Romulo (Lone District, Pasig City), Angara, Emil Ong (2nd District, Northern Samar), Mariano Piamonte, Jr. (Party-list, A Teacher), Eulogio “Amang†Magsaysay (Party-list, AVE), Pedro Romualdo (Lone District, Camiguin), Eduardo Gullas (1st District, Cebu), Cesar Sarmiento (Lone District, Catanduanes), Florencio Flores, Jr. (2nd District, Bukidnon), Raymond Democrito Mendoza (Party-list, TUCP), Sigfrido Tinga (2nd District, Taguig City) and Pryde Henry Teves (3rd District, Negros Oriental), and co-authored by members of the Committee on Ways and Means. - Rowena B. Bundang, MRS-PRIB
Rep. Isidro Ungab (3rd District, Davao City), committee chairman, said the panel's support for the measure is a big victory for students who want to avail of loan programs to complete their college education or degrees.
This shall also ensure that education is made accessible to all according to Ungab.
Section 10 of the unnumbered substitute bill to House Bill 1876 provides that "For any loan procured under the Student Loan Program Act, lenders shall charge an interest based on the prevailing 91-day Treasury Bill rate at the time of release of the loan to be paid by the student borrower." It also provides that such loans shall be exempted from payment of documentary tax.
Prior to its referral to the Committee on Ways and Means, the bill was approved by the Committee on Higher and Technical Education chaired by Rep. Juan Edgardo Angara (Lone District, Aurora).
Rep. Rufus Rodriguez (2nd District, Cagayan de Oro City) assuaged the fear of finance officials that the loan program could saddle many students with loans to pay after graduation just like their counterparts in the United States.
Based on his experience when he took up his master's degree at the Columbia Law School in the US, Rodriguez said many of his classmates were scholars and grantees of federal loans.
"The repayment scheme is good. In fact, the program has been going on for the past 30 years. The proposed student loan program has to be implemented otherwise many of our deserving students won't be able to finish college simply because they don't have the money while scholarship fund from the government is miniscule. The CHED is only giving P5,000 per year or P2,500 per semester. How can our poor students finish college?," said Rodriguez.
The proposed Student Loan Program Act aims to assist eligible students to obtain post-secondary technical or vocational certificates or diplomas in tech/voc institutes and colleges, and post-graduate degrees in higher education institutions by encouraging banks and government financial institutions to lend money to eligible students to be repaid in installments, at least 24 months after the student graduates or leaves the educational institution.
The loan shall cover the cost of the entire program offered by the higher educational institution (HEI) or tech-voc institute, including, but not limited to, tuition and miscellaneous fees. Provided that adjustments shall be made in case of increase in tuition and miscellaneous fees. It shall likewise include an amount for cost of attendance covering necessary expenses of the student for books, food, transportation, board and lodging, and a reasonable allowance for projects and other school requirements.
The substitute bill is authored by Reps. Roman Romulo (Lone District, Pasig City), Angara, Emil Ong (2nd District, Northern Samar), Mariano Piamonte, Jr. (Party-list, A Teacher), Eulogio “Amang†Magsaysay (Party-list, AVE), Pedro Romualdo (Lone District, Camiguin), Eduardo Gullas (1st District, Cebu), Cesar Sarmiento (Lone District, Catanduanes), Florencio Flores, Jr. (2nd District, Bukidnon), Raymond Democrito Mendoza (Party-list, TUCP), Sigfrido Tinga (2nd District, Taguig City) and Pryde Henry Teves (3rd District, Negros Oriental), and co-authored by members of the Committee on Ways and Means. - Rowena B. Bundang, MRS-PRIB
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