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Loans For Students in the Philippines

Last updated: April 10, 2024
Written by: Digido Financial Writers Team | Reviewed by: Anna Kireeva

Key takeaways:

  • Higher education in the Philippines is expensive and not available to all families.
  • That’s why student loans come to the rescue.
  • They are available on different terms from government funds, banks, and online companies.
  • Digido does not currently offer student loans. But if you are 21 years old and have a stable income, you can take an emergency loan under general conditions.
How much money do you need?
10 000
min ₱ 1 000
max ₱ 10 000
You will have to return*: 10 000
All your data is under secure protection!
*Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval
Who can get a Digido loan?
You are 21-70 years old
You are a Filipino citizen
You have a valid government ID

Life for a student in the Philippines is quite tough. There comes a time when you need money to buy materials for your project, books, or other things that the university may require, especially if you are taking courses that require a lot of expenses, such as BS Nursing or if you’re taking a Masters or Doctorate Degree.

One of the problems in the Philippine education system is the inaccessibility of higher education to children from socio-economically disadvantaged families. As a result, many students do not complete their education or do not enroll at all because there is no money to do so.

Filipino students at universities, especially state universities or scholarships, may need money from time to time. If their parents are not in a financial position to provide them with money, the only solution for a student is a loan, which he or she can avail via student loan online. 

While this can lead to student debt, it is still not as big debt as what other students in Western countries incur.
❗ Student loans in the Philippines can be paid after graduation.

Get a Quick Personal Loan for any purpose!
  • Available to Filipinos 21-70 years old
  • Only one government-issued ID is required
  • Up to PHP 25 000 for up to 180 days for repeated loans

Education loans compared to Scholarships and Grants

In the Philippines, an education loan is a type of financial assistance provided by banks, financial institutions, or government agencies to help students and their families finance their education expenses. This loan is specifically designed to cover tuition fees, books, supplies, and other related educational costs.

The main difference between an educational loans in Philippines and scholarships/grants lies in how they are obtained and repaid:

Type of Financing



Education loan 

Education loans require the borrower (usually the student or their parents) to apply for the loan, meet certain eligibility criteria, and go through a loan approval process. The borrower may need to provide collateral or have a co-signer to secure the loan.

Educational loans in Philippines need to be repaid with interest over a specified period of time, typically after the student completes their education or during a grace period after graduation. The borrower is responsible for repaying the loan according to the agreed-upon terms, including interest and any applicable fees.


Scholarships are typically awarded based on merit, talent, academic achievements, specific criteria, or a combination of factors. They are often provided by educational institutions, private organizations, or government bodies.

Scholarships are generally not required to be repaid. They are awarded as a form of financial aid or recognition, and the recipients are not expected to return the funds. However, some scholarships may have certain obligations, such as maintaining a minimum GPA.


Grants are financial aid provided by various sources, including government agencies, foundations, corporations, or charitable organizations.

Like scholarships, grants are typically not required to be repaid. They are awarded to support educational expenses or specific projects. However, some grants may have conditions or requirements, such as meeting academic progress or completing the intended project.


Can I Take a Student Loan at Digido?

Currently, Digido is not granting student loans. However, there is a workaround to this. If you are a student and you are 21 years of age with a job, you can apply for a loan from online lending apps. You can easily find a loan app that accepts student ID.

Fortunately, there are legit loan apps for students, and Digido is one of them. Digido is an online lending app that can be easily downloaded on an Android or iOS device. Through the app, students can easily fill out a loan application form, attach any supporting documents, and submit their application conveniently! No need to gather physical documents or leave their homes to line up at physical lending facilities!

With Digido, anybody who meets the conditions can apply for a easy cash loan. While it has no student loan cash program, it still welcomes students who are in need of money. To be able to apply for a Digido loan, you need the meet the following conditions:

  1.  You must be a Filipino citizen – the company will ask you for proof of this. You must be 21 years old – you need to submit an identification that will prove this, like SSS ID or your birth certificate;
  2. In addition, you should have a permanent job and a stable income. You may have a part-time job as a freelancer or call center employee, even as a student.
  3. Also, Digido requires that you have a working mobile phone that is not blocked from calling. To get it started, you have to register an account on the Digido website. Once you have completed this, the next step is to submit your requirements, which we will be telling you later.

Advantages of a Student Loan

As you can see, it is better to apply for a student loan in the Philippines than to get it somewhere else. It is difficult to get approved for a loan by a bank. Your best option is to look for an online company like Digido to get a quick loan.

What is so bad about student loans?

As with any loan, the student loan must be repaid on time. Failure to do so will result in a debt that will prevent you from future loans. When graduates who are looking for their first job after graduation are already in debt, the economy is adversely affected. Despite their qualifications, graduates often have to accept low-paid and low-skilled jobs just to start paying their loan bills right away. As a result, graduates with debts often miss out on the benefits of their degree.
You can avoid this if you keep the loan on time and repay it on time.

Who is the best for student loans?

So, what documents should you submit? Below are the requirements of a student loan, regardless if you are applying for a loan at a bank or an online company like Digido.

  1. Valid ID – the ID you have to present must be a government-issued ID. While you can also present your student ID, this is not enough to prove who you are. The government ID is required to prove that you are a Filipino citizen. Some examples of IDs are passport, driver’s license, tax ID, or SSS ID.
  2. Proof of income – you need to submit copies of your pay slip. If you do not have pay slips, you can request your employer to issue you a certificate of employment, commonly referred to as COE. In some cases, the loaning company may ask you to notarize your COE.
  3. Proof of address – proof of address is a billing statement. If you have a credit card, you can use your billing statement as proof of address. If not, you can use your utility bills.

Prepare these documents before applying for a loan. Some companies may also ask for your 2×2 photo.

Learn How to Get
LTO Student Permit and All the requirements

How can I get a student loan in the Philippines?

If you need an education loan, the most common place you can go to is a bank. However, a bank is not your only option. Let us take a look at the others.

Government programs

The Philippine government offers allowances and financial loans, especially if you are a scholar or if you are studying in state universities. State universities do not charge any interest. There are special government programs that open up access to free education for those who need it. (1) In addition, GSIS members who have worked in government for at least 15 years can take advantage of college loans for their family members.  (2) However, loans must still be paid. 

Banks for education loans

Banks are your second option. The issue with banks is that you are not likely to get approved. You need to have a decent employment to get approved or you should have something to offer as collateral.

Online lending companies

Perhaps the best option to try and send your student loan application. Online companies work really fast to get you approved. Like banks, they will ask you for documents to prove your identity and proof of income. However, online loan companies are not likely to ask for a collateral. 

There are other financial institutions where you can try to apply for a student loan. However, you need to take note that most of these companies will ask you for high interest rates. The longer the term, the higher interest you will pay. At best, you need to give a chance to online companies like Digido. One great benefit is that you do not have to go to any physical location. All you need to do to secure a student’s finance is to create a personal account and submit your documents.  

I want to borrow ₱ 10000
Min: ₱ 1000
Max: ₱ 20000
Payment Terms 10 days
7 days
21 days
My Monthly Gross Income ₱ 20000
You return*: 10 000
All your data is under secure protection!
We recommend taking a loan!

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.


How to Save Money As a Student in the Philippines

Student Loan Programs in the Philippines

Student loan programs are designed to provide financial assistance to students and their families to help cover the costs of education. These programs offer loans with favorable terms, making education more accessible to those who may not have the immediate financial means to pursue higher education. Here is some general information about student loan programs in the Philippines:

  • Eligibility: Student loan programs typically have specific eligibility criteria that applicants must meet. These criteria may include being a Filipino citizen, having good academic standing, being enrolled in an accredited educational institution, and meeting certain income requirements.
  • Loan Amounts: Loan amounts can range from a few thousand pesos to several hundred thousand pesos, covering tuition fees, books, supplies, and other educational expenses.
  • Loan Repayment: Some programs may offer flexible repayment options, such as extending the repayment period or allowing borrowers to start repaying the loan after graduation. 
  • Application Process: To apply for a student loan program, applicants typically need to submit the required documents, such as identification proof, proof of enrollment, academic records, and financial information. The application process may involve filling out forms, providing supporting documents, and undergoing a review process to determine eligibility.
  • Loan Providers: Student loans in the Philippines are offered by various institutions, including banks, government agencies, and private organizations. Some popular loan providers include financial institutions like Landbank, BPI, and private lending companies specializing in student loans.

You must be wondering, where can I borrow money as a student? These are just some institutions that offer education loans in the Philippines. A brief description follows every institution listed below, such as interest rates, loan terms, and loan amounts.

Bukas Student Loan

Bukas Finance Corp. was established to help students in need of financial assistance through affordable student loans and tuition plans. The Bukas Tuition Installment Plan allows students to pay off their tuition fees on a monthly installment basis with a 12-month duration. The plan has a 1.5% interest rate per month and a one-time origination fee of 3% added to the principal amount.

Interested students can go to the official Bukas website at bukas.ph and get a computation on the installment plan based on the principal amount.

SSS Student Loan

Children of active SSS members can convince their parents to apply for an educational loan from the agency! In order for a SSS member to qualify for the SSS Educational Assistance Loan Program (EALP), the member must be:

  • below 60 years old
  • must have a basic monthly income of Php 25,000 and below
  • Must have at least 36 months of posted monthly contributions, 6 of which were posted within the last 12 months prior to the application
  • Must be up-to-date with the payment of salary or housing loan and other loan amortization

The SSS EALP covers a member-borrower and their spouse, their child/ren, and their sibling/s. The amount of loan will depend on the beneficiary’s current year and term at the time of application. The interest rate is 6% per annum based on the diminishing principal balance.

GSIS Student Education Loan

GSIS members rejoice! The agency has an educational loan program that will surely help you finance your or your beneficiary’s tertiary education without all the hassle!

According to the GSIS website, the GFAL-Education Loan is the agency’s new “study now, pay later program” which can be availed by any active member with the following qualifications:

  • At least 15 years of service
  • Has posted the latest 3 monthly premium contributions for personal share and government share
  • Is not on leave of absence without pay
  • Has no pending administrative or criminal case
  • Has no due GSIS loans
  • Agency status is not “suspended”
  • Meets the net take home pay (NTHP) requirement under the General Appropriations Act

The maximum loanable amount is Php 100,000 per academic year or Php 500,000 for a 5-year degree. The interest rate is 8% per annum with a loan term of 10 years, with a maximum grace period of 5 years. The loan repayment period will begin in the sixth year of the loan.

Landbank Student Loan

Not to be underestimated, Landbank is also offering study-now-pay-later loan programs for students. Interested borrowers can apply for the I-Study program which will cover tuition costs as well as expenses related to education, such as gadgets. It is a timely loan program especially for those whose livelihoods were affected by the pandemic.

Students’ parents, guardians and benefactors can apply for loans equivalent to 1 school year or 2 semesters, or Php 150,000 per student but not exceeding Php 300,000.

The interest rate is 5% per annum for the entire duration of the loan with a loan default penalty of 24%. Loan tenor can be short term or long-term.

BPI Student Loan

BPI credit card holders whose children are enrolled in BPI partner schools can apply for the Special Installment Plan (SIP) Loan for School being offered by the bank. With SIP Loan for School, cardholders can pay for school expenses in fixed monthly installments with an add-on rate of as low as 0.75% for 24 months. Borrowers can also use 100% of their credit limit.

Loan terms range from 3 to 24 months with interest rates ranging from 16.22% to 21.11% per annum. Applications can be processed in as fast as five banking days.

To apply for a SIP Loan for School, you can visit a BPI branch near you or use your BPI credit card when paying for school fees.

BDO Student Loan

BDO may not be offering loans specifically catered for school expenses, but you can apply for BDO Personal loans which you can use for educational purposes.

BDO Personal Loans offer low interest rates with easy payment terms that you can use for whatever purpose, such as emergencies, repairs, hospitalizations, and tuition fees. Loan amounts range from Php 10,000 to as high as Php 1 million subject to bank approval. It has flexible payment options from 6 to 36 months and repayments can be made by crediting your BDO Current or Savings Account or disbursed through BDO Manager’s Check.

The BDO Kabayan Personal Loan is specifically for OFWs, with a minimum loan amount of Php 10,000 and fixed monthly payments ranging from 3 months (for unsecured loans) to 36 months.

CHED Student Loan Program

The Commission on Higher Education (CHED) has a student loan program called the Tertiary Education Subsidy under the Unified Student Financial Assistance System for Tertiary Education (UniFAST).

Under UniFAST, you can apply for either short-term Student Loan Program (SLP) or long-term SLP. Short-term SLP is available to all undergraduate and graduate students who are enrolled in quality-assured programs available in SUCs, LUCs, State-run TVIs, private HEIs, and private TVIs.

InvestED Student Loan

Last but not the least, InvestED offers student loans with per annum interest rates ranging from 27% to 35% with no collateral! The loanable amount will depend on the student’s paying capacity. Now you can focus on and finish your studies without worrying about the possibility of not being able to afford school fees!

InvestED grants loans amounting from Php 10,000 to Php 100,000 depending on a student’s standing, such as financial need, year in school and other factors. An InvestED student loan can be disbursed in as fast as 5 days after an applicant’s phone interview. Disbursement channels include most e-payment channels, remittance centers and bank transfers.

InvestED charges a service fee of 22% of the loan amount or Php 3,000, whichever is higher.

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International Student Loan in the Philippines

If you’re looking to study abroad, particularly in the US and Canada, you might be interested in taking out a student loan especially if you think you might need additional funding. Lots of Filipino students go to these countries every year to study on a scholarship or with somebody’s financial backing, but sometimes these won’t be enough to cover all costs.

Loan providers such as International Student Loan offer student loans to Filipino students in the US and Canada. You can use the student loan comparison tool on their website which can help you find a lender depending on your school. Simply choose your school and citizenship, check the list of available lenders, review the loan terms being offered, and choose the lender that will best suit your needs.

In order for Filipino students to qualify for a student loan from International Student Loan, they must be attending an eligible school in the US and Canada. Co-signers are required for most applicants.

Get a Quick Personal Loan at Digido!
with 0% interest for first loan!


  • 🟣 Is there student loan in the Philippines?
    Students who need financial aid in the Philippines can apply for student loans from banks. Student loans must be repaid in monthly installments, with interest accruing.
  • 🟣 Is student loan good or bad?
    Student loans are an investment in a student's future, allowing for a significant increase in a student's earning potential. Federal student loans also have relatively low fixed interest rates and offer flexible repayment options. For many students, this is real help available.
  • 🟣 Is it hard to get an educational loan in Philippines?
    You will only be able to get a student or educational loan if you meet all of the bank's requirements.
  • 🟣 Can you pay student loans in the Philippines after graduation?
    Yes, but that will depend on the loan terms and conditions set by your student loan provider. In some cases, they can accept loan restructuring if you can’t pay your loan after graduation.
  • 🟣 Do loan apps accept student ID?
    Some loan apps may accept student IDs, but it’s much better if you can present government-issued IDs.
  • 🟣 How to get a student loan in the Philippines?
    You can check out the student loans being offered by institutions we have listed above and see what’s the best for your financial situation. Go to their respective websites or apps and follow instructions on how to apply for a student loan there.
  • 🟣 Is an education loan in the Philippines expensive?
    As with every other loan, education loan in the Philippines will depend on interest rates and loan terms set by the institution that offers the loan.Some may be considered “cheap” due to low interest rates and flexible repayment terms, while others can be “expensive” if they have high interest rates on top of other fees and stricter terms.
Disclaimer and Editor’s note


Digido Financial Writers Team is a team of experts in the field of finance and credit, specializing in writing articles for Digido blogs.
Anna Kireeva
Author pages:
Anna is a marketing communications professional who specializes in digital marketing strategies and long-form content.

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