Bongbong and Edong want 'student-friendly' loan scheme

At least two senators on Thursday asked the government to review the student loan system in the country to make it more "student-friendly." In a statement, Senator Ferdinand "Bongbong" Marcos Jr. said the government should execute a "student-friendly" repayment scheme to ensure the success of its "study now, pay later" programs. "(It should execute a) repayment scheme that is both efficient and workable whereby students would not be saddled by payment obligations long after graduation," he said. In a separate statement, Senator Edgardo Angara likewise said that the government must also find ways to give aid to Filipino students who wish to attend private colleges and universities. “We must do a restructuring of the entire student loan system in time for the next school year so we can subsidize the education of our future professionals, scientists and leaders," he said. Angara, who is also chairman of the Senate education committee, explained that around 85 percent of students are enrolled in private schools – only 15 percent of whom are supported by the state. He also said that attending a private university would cost up to almost P100,000 in tuition and other fees yearly. "Few households in the Philippines can afford that, which is why it is so important for the government to assist them," he said. Marcos suggested that the Department of Education carefully study successful student loan schemes used around the world. Angara, on the other hand, said that maybe the government can ask the private sector for additional funding. He said that public-private partnership (PPP) projects might be tapped to create research funds or student assistance programs and tax credit for scholarships can be offered as an added incentive.—Kimberly Jane T. Tan/JV, GMA News