Section 11June 10, 1989, Sec./Art. 11

Education Loan Fund. - (a) "Study Now, Pay Later Plan". There is hereby created a special fund to be known as the Students' Loan Fund to be administered by the Department of Education, Culture and Sports, or upon delegation by the Department, by the Student Loan Fund Authority created under Republic Act No. 6014 which is hereby reinstituted pursuant to the terms of the same Republic Act which shall be used to finance educational loans to cover matriculation and other school fees and educational expenses for book, subsistence and board and lodging.

(b) Amounts covering payments for tuition, matriculation and other school fees shall be paid directly to the school concerned.

(c) Any loan granted under this Section shall be paid by the student-debtor after he has finished the course or profession for which the proceeds of the loan was expended, but only after a period of two (2) years from the time he has acquired an employment: Provided, however, That interest at the rate of not more than twelve percent per annum shall accrue on the balance thereof.

(d) Social Security Fund. The Social Security System Fund shall make available low interest educational loans to its members and to private educational institutions for school buildings and/or improvement of their plants and facilities.