There are two types of student loans: short-term and long-term SLP. But for Academic Year 2018-2019, students can avail of the short-term SLP for the purpose of undergraduate studies, review expenses for licensure examinations, and graduate studies including medicine and law for Filipino students.
All Filipino students in the undergraduate and graduate level (including medicine and law), who enroll in programs that are listed in the Registry of quality-assured programs offered in SUCs, LUCs, State-run TVIs, private HEIs, and private TVIs can avail of the short-term SLP.
As per Rule V Section 34 of the IRR on RA 10931, loan proceeds are intended to assist student beneficiaries who face iliquidity problems for short period not exceeding one (1) year. Services directly provided by HEIs and TVIs must be directly paid to the institutions. The remaining loan proceeds shall be paid directly to the student-borrower in reasonable intervals.
The UniFAST Board shall, after due diligince and careful determination of the absorptive capacity and existing information and communication technology (ICT) system in place, enter into a Memorandum of Agreement with a Government Financial Institution (GFI). The GFI will take charge of managing and distribution of the funds allocated for teh Student Loan Program. The designated implementing agencies will be the concerned SUC / CHED-recognized LUC / private HEI / State-run TVI / private TVI.
All SUCs, CHED-recognized LUCs, private TVIs which are part of the Registry of Institutions and Programs are eligible to administer SLP through and identified partner GFI, banks, and similar entities that are authorized by the UniFAST Board to handle this program.