Tuition Loan Agreement with PNB Inked
For the first time, parents can now secure a loan from the Philippine National Bank (PNB) exclusively for the payment of their children’s tuition and fees at Silliman University.
This, after PNB and Silliman signed a Memorandum of Agreement (MoA) on May 23 on a cash loan assistance that will enable students to finish school and obtain their degrees of choice in the University.
The amount available for the loan program will depend on the semester’s tuition fee, including payments for books and other miscellaneous fees, and will incur a monthly interest rate of only 1 per cent. The amount loaned will be directly paid to Silliman for the student’s account.
Silliman University President Dr. Ben S. Malayang III inked the agreement with PNB Executive Vice President for Retail Banking Group Mr. Joven D. Hernandez, together with Silliman Vice President for Finance and Administration Prof. Cleonico Y. Fontelo and PNB Senior Vice President for Consumer Finance Group Mr. Elfren Antonio Sarte. Also present to witness the signing from PNB were Senior Vice President and Chief Marketing Officer Mr. Emmanuel Tuazon.
“Silliman seeks to provide the best possible education that we can give within the means of this university,” Dr. Malayang said.
Through the loan program with PNB, the President added that he hopes more can enroll in Silliman and avail of its quality Christian education.
Reflective of PNB’s social commitment, the loan program, Mr. Hernandez said is consistent with “our mandate is to help start economic development”.
“PNB, together with SU, would like to help assisting in the development of the community over the long board, because, when we have true educated professional people, we believe that we will have a very strong foundation for a very strong nation,” he added.
Loan applicants may secure the application form from the Manuel T. Utzurrum Business and Finance Center of Silliman University.
Eligibility for the loan program:
- Must be a parent of a bona fide student of Silliman University
- Must be gainfully employed or is engaged in business
- Must not exceed 65 years of age upon loan maturity
- Must have a permanent residence or business address preferably with landline and;
- Must have sufficient income to cover the monthly amortizations.
Eligible applicants must also meet the following requirements:
- Fully accomplished Application Form
- Copy of latest ITR
- Photocopy of two valid IDs
- If employed, original copy of Certificate of Employment
- If self-employed, copy of business papers and list of trade references
- Billing statement of utility bills
- Recommendation/ endorsement letter from Silliman University with assessed tuition fee for the semester.