Section 8Sec./Art. 8

Student Loan Program for Tertiary Education. - To support further the cost of tertiary education or any part or portion thereof, a student loan program for tertiary education is hereby likewise established for all Filipino students who shall enroll in SUC, LUC, private HEI and TVET program in all TVIs registered under the TESDA.

The Loan program shall be administered by the UniFAST Board and the amount necessary to fund the program shall be included in the budgets of the CHED and the TESDA: Provided, That the UniFAST may offer short-term or long-term loans: Provided, further, That those who availed of the loan during their undergraduate degree may still avail of another cycle of student loan for their pursuit of graduate studies, including medicine and law after they have fully paid the previously availed loan: Provided, furthermore, That those who did not avail of the loan program during their undergraduate studies may avail of it to pursue graduate studies including medicine and law: Provided, finally, That those who did not avail of the loan program during their undergraduate studies may avail of the loan program for their review expenses for licensure examinations administered by the Professional Regulation Commission (PRC).

Repayment shall be effected by the incorporating a portion of the loan amount or a percentage thereof in the employee's monthly Social Security System (SSS) or Government Service Insurance System (GSIS) contribution, as the case may be based on a reasonable schedule of repayment and interest rates. As may be formulated by the UniFAST Board.

Payment of the loan amount will commence once the beneficiary secures any gainful employment with compensation, remuneration or earnings that reaches the Compulsory Repayment Threshold (CRT). For purposes of this Act, the CRT shall be set and reviewed by the UniFAST Board, and adjusted when necessary.

The UniFAST Board, in consultation with relevant agencies, shall formulate loan payment guidelines for loan beneficiaries whose earnings are not covered by the GSIS or the SSS programs, including those of overseas Filipino workers (OFWs), emigrants, and self-employed persons and professionals (SEPs).