ched study now pay later plan program

How to Apply CHED Study Now Pay Later Plan (SNPLP) Program – StuFAPs

There are different types of Student Financial Assistance Programs (StuFAPs) that the Commission on Higher Education (CHED) has for Filipino students. One of these initiatives is the Study Now Pay Later Plan (SNPLP) Program wherein qualified students can receive financial assistance as a student loan. The program is designed to help students pursue their studies despite financial difficulties. Under the plan, students will only need to pay back the amount they have received after they have completed their studies and found employment. This way, they can focus on their studies and not worry about how they will repay their loans.

The Commission on Higher Education (CHED) aims to support Filipino students with their tertiary education by providing them the means to access free and quality education. Scholarship and grant-ins programs are initiatives of the Commission on Higher Education (CHED) to carry out their objectives for Filipino students. One of which is one of the Student Financial Assistance Programs (StuFAPs).

Also Read: How to Apply CHED Full and Half Merit Scholarship Program under StuFAPs

Students who availed of this program are entitled to a loan amounting to the actual cost of their tuition including other miscellaneous fees but shall not exceed Php 20,000 per semester. If you want to know more about the Study Now Pay Later Program, read the article below as we dive deeper into this student financial assistance and give you an in-depth guide on how to apply for a CHED Study Now Pay Later Plan Program.

ched study now pay later plan program

What is the CHED StuFAPs Study Now Pay Later Plan (SNPLP) Program?

The CHED StuFAPs Study Now Pay Later Plan Program is a loan program initiative by the Commission on Higher Education to aid Filipino students with their tertiary education without any maintaining grade or general weighted average. This loan program is open to anyone who wants to avail of the program. Just like what its name suggests, students can continue and finish their college education through a loan program from CHED and pay it afterward.

This program is a huge help to Filipino students. Since this program does not have a minimum grade requirement or a general weighted average anyone who wishes to avail of this financial assistance program is welcome to apply.

CHED – Study Now Pay Later – Student Loan

The Study Now Pay Later Plan Program is a loan program available or intended for incoming college students, or those who already have earned units in any academic year to cover their tuition and miscellaneous fees in CHED identified public or private HEIs following CHED Memorandum Order (CMO) No. 16, Series of 2002.

CHED Priority Courses

Here is a list of the CHED-recognized programs/priority courses in CHED-identified public or private HEIs:

Science

  • Physics/Applied Physics
  • Biochemistry
  • Biology
  • Botany
  • Chemistry
  • Meteorology
  • Doctor of Dental Medicine
  • Criminology
  • Forensic Sciences
  • Industrial Security Administration
  • Geology
  • Human Biology
  • Molecular Biology and Biotechnology
  • Marine Biology
  • Marine Science
  • Environmental Science
  • Disaster Risk Management/Climate Change
  • Zoology

Technology

  • Civil Technology
  • Mechatronics Engineering Technology
  • Electronics Technology
  • Mechanical Technology
  • Electrical Technology
  • Industrial Technology
  • Engineering Technology
  • Cyber Security
  • Information Technology
  • Computer Science
  • Information System
  • Library and Information Science
  • Entertainment and Multimedia Computing
  • Automotive Technology
  • Aviation Technology

Engineering

  • Agricultural and Biosystems Engineering
  • Architecture
  • Ceramic Engineering
  • Chemical Engineering
  • Civil Engineering
  • Computer Engineering
  • Electrical Engineering
  • Electronics Engineering/Electronics and Communications Engineering
  • Food Engineering
  • Geodetic Engineering
  • Industrial Engineering
  • Manufacturing/Production Engineering
  • Marine Engineering
  • Marine Transportation
  • Materials Engineering
  • Mechanical Engineering
  • Mechatronics Engineering
  • Metallurgical Engineering
  • Mining Engineering
  • Petroleum Engineering
  • Robotics Engineering
  • Sanitary Engineering
  • Structural Engineering

Agriculture, Forestry, Fisheries

  • Agriculture Technology
  • Agriculture and its hybrid programs
  • Agro-Forestry
  • Animal Husbandry
  • Animal Science
  • Doctor of Veterinary Medicine
  • Fisheries
  • Food Technology/Science
  • Forestry
  • Horticulture

Mathematics

  • Statistics/Applied Statistics
  • Math/Applied Math

Other Priority Courses

  • Business Administration with Specialization/Major/Track in Business Analytics
  • Business Administration with Specialization/Major/Track in Business Processing Outsource
  • Hospitality Management/Hotel and Restaurant Management
  • Tourism/Travel Management

Benefits

Students who availed of the loan program shall receive a loanable amount of the actual cost of their tuition and other miscellaneous fees but shall not exceed Php 20,000 per semester.

Qualifications

To apply and avail of the CHED Study Now Pay Later Plan (SNPLP) program, interested student applicants or borrowers must meet the following qualifications:

  • Student applicants must be Filipino citizens.
  • He/she shall not exceed the age limit of 30 years old.
  • He/she shall be enrolled in any curricular year level in any of CHED-recognized degrees/programs.
  • There is no income limit but priority is given to students whose parents have a combined annual gross income of Php 300,000 or less.
  • He/she shall be of good moral character.
  • He/she is not a beneficiary or recipient of any financial assistance programs of the government.

A co-borrower or a member of GSIS or SSS who acted as the co-debtor of the student applicant or borrower shall meet the following qualifications:

  • He/she must not be more than 50 years old.
  • He/she must be a bonafide member of GSIS or SSS and in good standing, as evidenced by a Certificate of Employment and Compensation from his/her employer.

Requirements

Below are the documentary requirements each applicant or borrower must provide before submission of the application.

  • A duly accomplished StuFAPs application form. You can access the StuFAPs application form here – https://ched.gov.ph/wp-content/uploads/CHED-Scholarship-Program-Application-Form.pdf.
  • A copy of the Birth Certificate.
  • Admission slip or enrollment form from the school.
  • A National Career Assessment Examination (NCAE) Certificate for incoming college students.
  • Form 138 for incoming college students and a Certified True Copy of Grades during the previous semester attended, for those who have earned units in college.
  • A Certificate of Good Moral from a previous high school was given by a principal or guidance counselor.
  • The latest Income Tax Return (ITR) or Certificate of Exemption from filing the ITR of parents or guardians.
  • A Certificate of Employment of Co-borrower.
  • A latest BIR Form 2316 (Withholding Tax Certificate) or ITR of Co-borrower.
  • A photocopy of the GSIS or SSS Identification Card of the Co-borrower.
  • TIN, GSIS, or SSS No. of student applicant for purpose of future tracking of the student borrower.

Below are the requirements for payment of educational loan or financial assistance.

  1. Payment of CHEDRO to Student borrower
  2. Requirements for Initial Payment
  3. Notice of Award (NOA) and Acceptance
  4. The notarized contract between CHED and the student borrower
  5. Enrollment Registration Form and proof of payment
  • Requirements for Succeeding Payment
  • Enrollment Registration Form and proof of payment
  • Proof or rating/grades for the preceding semester.
  • Updated information of the Co-borrower.

Step by Step Application Process CHED Study Now Pay Later Program

Here is a step-by-step guide to help you with your loan application to CHED Study Now Pay Later Plan (SNPLP).

Step 1: Go to the nearest CHED Regional Office (CHEDRO) in your region where your chosen higher education institution is located. You may also visit CHED’s official website here – https://ched.gov.ph/ to secure an application form.

Step 2: Fill out completely the StuFAPs application form (OSS Form 01).

Step 3: Attach the documents required to your application form and submit it to the CHED Regional Office (CHEDRO).

Step 4: CHEDRO will evaluate and screen all the applications in compliance with the set criteria.

Step 5: Then, CHEDRO will rank the qualified applicants and initially assign award numbers for each applicant.

Step 6: CHEDRO will issue a Notice of Award (NOA) to notify qualified applicants.

Step 7: Qualified applicants are given thirty (30) days to accept the receipt of NOA.

Step 8: Then, CHEDRO will prepare and certify the master list for the Study Now Pay Later Plan.

Loanable Amount, Interest, and Mode of Repayment

Student borrowers can loan up to Php 20,000 to cover their tuition and other miscellaneous fee but shall not exceed the said amount per semester. A four percent (4%) simple interest rate per annum will commence after two (2) years of graduation. In any case that the student borrower did not complete his/her degree or program, the 4% simple interest rate per annum shall take place two (2) years after he/she last benefits of the program. The formula to compute the simple interest method is:

Interest = Principal x Interest rate (4%) x Term of Payment

The mode of repayment is given free of interest within two years. When repayment is on an installment basis, borrowers can pay either in cash, manager’s check, postal money order (PMO), or deposit through CHED-LBP (Land Bank of the Philippines) account specifically for repayment of student loan program. Amortization or repayment period is within five (5) years excluding the two (2) years grace period. The formula for repayment is:

Repayment = Principal + Accrued Applicable Interest

There are also penalties and surcharges for payments made beyond the 5 years. A two percent (2%) additional interest per annum and a two percent (2%) surcharge of the total balance is added.

Important Reminders

Here are some of the important reminders that student-borrow should bear in mind when they availed of the student loan program.

  • The student borrower shall carry a full load of academic subjects for each semester as determined by the chosen degree/program.
  • Deferment of enrollment is allowed for one (1) academic year or two (2) semesters only for meritorious reasons such as health conditions, security, and force majeure reasons.
  • He/she shall maintain a satisfactory academic performance on his/her chosen degree or program and shall complete the program/course within the duration of the program/degree.
  • He/she may carry an overload of one (1) subject when authorized by the college dean or authorized school official.
  • He/she may enroll in a summer class provided that he/she will shoulder the expenses of the actual tuition and other miscellaneous fees of the summer class.
  • He/she is required to enroll and finish NSTP and PE subjects within the duration of the program or course.

Video: How to Avail CHED’s Study Now Pay Later Plan Program

This video will give you some insights and helpful information about the CHED’s Study Now Pay Later Plan Program on how to apply and apply for this student loan program initiative for Filipino students. The qualifications and prerequisites for the student loan program were also discussed in the video and who can avail of the student loan during an interview with Atty. Julito Vitriolo.

Further, he discusses how this student loan program initiative works. Hence, this video is very informative to any Filipino student who wishes to avail of the Study Now Pay Later Plan program of the Commission on Higher Education. Thus, it is recommended for you watch this video to further know more about the student loan program and how to avail of this program.

If you want to know more about CHED’s Study Now Pay Later Plan program, you can read the CHED Memorandum Order No. 16, Series of 2011 here – https://ched.gov.ph/wp-content/uploads/2017/10/CMO-No.16-s2011.pdf and visit CHED’s official website here – https://ched.gov.ph/forms/ to access the StuFAPs application form.

Frequently Asked Questions

Please check out the following FAQs about the CHED SNPLP program:

1. Who are qualified to apply for the CHED Study Now Pay Later Plan program student loan?

Filipino citizen students are qualified to apply for the CHED Study Now Pay Later Plan as long as they can meet the other qualifications provided and can complete and secure all the requirements and documents required.

2. What are documents required to be attached along with the application form for the Study Now Pay Later Plan program of CHED?

Student applicants shall accomplish a StuFAPs application form. They are also required to provide a copy of their Birth Certificate, admission slip, or enrollment form from the school, a National Career Assessment Examination (NCAE) Certificate for incoming college students, a Form 138 for incoming college students, and a Certified True Copy of Grades during the previous semester attended, for those who have earned units in college, a Certificate of Good Moral from previous high school given by a principal or guidance counselor, a latest BIR Form 2316 (Withholding Tax Certificate) or ITR of Co-borrower, a photocopy of GSIS or SSS Identification Card of Co-borrower, and a TIN, GSIS, or SSS No. of student applicant for purpose of future tracking of the student borrower.

3. Where should I submit my student loan application?

You must submit your student loan application to the nearest CHED Regional Office of your chosen higher education institution along with the documents required to be attached to your application form.

4. Is there a required maintaining grade or general weighted average for the Study Now Pay Later Plan of CHED?

The Study Now Pay Later Plan (SNPLP) of CHED is a student loan program for any Filipino citizen with no maintaining grade or general weighted average. Student borrowers shall only maintain a satisfactory academic performance to continuously benefit from the student loan program.

5. What are the terms and conditions of the student loan program CHED?

Student borrowers shall carry a full load of subjects and units per semester as prescribed by his/her chosen degree or course. He/she is also required to complete NSTP and PE subjects within the duration of the course. He/she may enroll in a summer class provided that he/she will shoulder the expenses of the actual tuition and other miscellaneous fees of the summer class.

They shall also maintain a satisfactory academic performance on his/her chosen degree or program and shall complete the program/course within the duration of the program/degree. He/she may carry an overload of one (1) subject when authorized by the college dean or authorized school official and deferment of enrollment is allowed for one (1) academic year or two (2) semesters only for meritorious reasons such as health conditions, security, and force majeure reasons.

6. How long is the repayment period for the student loan program?

The repayment period for the student loan is five (5) years excluding the two-year (2) grace period allotted for student borrowers.

7. How much is the financial benefit I can receive from the Study Now Pay Later Plan of CHED?

Student borrowers shall receive a loanable amount up to Php 20,000 only or the actual cost of their tuition and other miscellaneous fees but shall not exceed the stated loanable amount.

8. What are the qualifications for student applicants or borrowers?

Student applicants for the loan program must be Filipino citizens and shall not exceed the age limit of 30 years old. They shall be enrolled in any curricular year level in any of CHED-recognized degrees/programs. You can check out the list of CHED priority courses mentioned in this article. They shall be of good moral character and is not a beneficiary or recipient of any financial assistance programs of the government. Lastly, there is no income limit but priority is given to students whose parents have a combined annual gross income of Php 300,000 or less.

Summary

In conclusion, the Study Now Pay Later Plan of CHED is a student loan program intended for Filipino citizens not exceeding 30 years old to apply. This program is intended for anyone who wishes to continue and support their studies without any maintaining grade or general weighted average. They just have to secure all the documents required and submit them to the nearest CHED Regional Office.

Additionally, they must enroll in a CHED-recognized program or priority courses to qualify for the student loan program. The repayment for the loan is 5 years excluding the 2-year grace period. Hence, this student loan program aims to aid students with their studies financially for them to focus on their studies and pay for the loan after they have graduated. The loan payable is free of interest within the 2-year grace period. Hence, this is a good deal for anyone who would like to avail of the student loan because there is no maintaining grade or average.