The Government Service Insurance System (GSIS) recently opened a one-time condonation program for “Study Now, Pay Later” (SNPL) student-grantees and “Fly PAL, Pay Later” (FPPL) member-borrowers with outstanding accounts. The condonation program will run until July 24, 2014.
SNPL grantees (and their co-makers) and FPPL borrowers who will pay the outstanding balance in full will enjoy 100% condonation of all surcharges.
Under the condonation program, grantees and borrowers should pay in full their outstanding accounts within three months after they have submitted their application form for condonation. If the full amount is not settled within three months, program availees may resubmit their application form before July 24, 2014.
Loan interests, the GSIS said, will be computed up to the month of full payment.
SNPL is an educational program that was implemented in 1976. The program was in compliance with Presidential Decree No. 932, which specifies various schemes in the implementation of the SNPL.
This later evolved into the Educational Assistance Loan (EAL) approved in 1988; and in 1998, the program was amended by RA 8545, an act providing assistance to students and teachers in private education.
A similar credit facility for travel assistance was offered by the GSIS under the Fly PAL, Pay Later (FPPL) Program, which ran from 1978 to 1989.
All SNPL grantees and FPPL borrowers with outstanding accounts have been informed of the condonation program through a letter from the GSIS. Interested borrowers may visit the nearest GSIS branch office or call the contact center at 847-4747 for more details. (PR)