Update December 17, 2013:
Sad to say, effective last December 4, hindi na tumatanggap ang SSS ng Initial Application for Educational Loan. Bakit? Kasi nai-allocate na lahat ng pondo for about 59,600 students who have already received their first loans. Existing funds will be used to finance the subsequent loan applications of these students.
In short, naubos na ang 7-billion-peso fund for the Educational Loan Program. Nai-budget na lahat. Nai-allocate na lahat. No more Initial Educational Loan applications will be accepted. Only Subsequent Educational Loan applications will be processed. SSS says that the Educational Loan program will re-open once the first borrowers begin paying their loans. Or siguro, kung merong new budget allocation.
Update April 14, 2013 — SSS has increased the maximum loan amount to 20,000 pesos per semester and has improved the rules!
Last February 13, 2013, my friend received from the postman her first SSS educational loan check, after filing her loan application on February 1 at an SSS branch. The next day after filing, she saw on her online SSS account that her loan check was already generated. Just 12 days later, on February 13, she got from the postman her registered mail that contained her SSS loan check.
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For her second SSS educational loan application, in July, amazingly, it took again only 12 days from date of application to her receipt of her loan check! Wow! Applause to the SSS Alabang branch! 
You can apply for this newly launched SSS Educational Loan program too.
It can be for your child already in college or in vocational school, or your child who is entering college this next school year. It can also be used by you yourself or your spouse. If you’re single, you can apply for your sibling or half-sibling.
Requirements:
1. Your actual monthly salary is not more than than 25,000 pesos per month.
2. Your last SSS monthly salary credit is 15,000 pesos or lower.
3. You have paid at least 12 monthly contributions.
4. You have paid the monthly contribution for at least 1 of the past 3 months.
5. You are not delinquent in your SSS housing loan or salary loan.
Documents to Submit:
1. Filled-up and signed application form. Note: There is a portion in the loan application form which the school needs to fill up and sign.
2. Your SSS ID or 2 valid IDs
3. Xerox copy of your SSS ID or 2 valid IDs
4. Assessment or billing statement from the school
5. Xerox copy of the stamped SSS E1 form of your child, spouse or sibling. (Your child or sibling needs to get his/her own SSS no.)
6. Your proof that your actual monthly income is not more than 25,000 pesos: Can be one of these documents:
– Pay Slip (original and xerox), if employed
– Pay envelope (original and xerox), if employed
– Certification of Income from Employer, if employed
– Latest BIR-stamped ITR, if self-employed
– Your notarized Affidavit of Income, stating that your actual monthly salary is not more than 25,000 pesos, if self-employed or voluntary
How much can you borrow?
For college students — up to 20,000 pesos per sem
For vocational students — up to 10,000 pesos per sem
The loan amount will depend on the actual total school fees that you will pay, up to 20k for college students, and up to 10k for vocational students.
Example: If your beneficiary is a college student, and his school fee total this sem is 18,000 pesos, your loan amount will be 18,000 pesos. If his school fee total is 35,000 pesos, your loan amount is 20,000 pesos.
Other Notes:
1. The loan check will be payable to the school, but delivered to you via registered mail.
2. You’ll pay your loan in installments starting after 18 months from date of release of last loan check. Payment term is up to 5 years for college students, and up to 3 years for vocational students.
3. Interest rate is 6%, imposed only on half of the total loan amount.
4. Your school must be CHED-accredited or TESDA-accredited.
5. For the next semester, you need to file another loan application, using another form titled Application for Subsequent Release of Educational Assistance Loan.
6. If you are Married, you are entitled to apply for two beneficiaries. If you are Unmarried, you are entitled to apply for only 1 beneciary. Once your application is approved for yourself or your beneficiary, you can no longer substitute another beneficiary.
7. If your spouse is also an SSS member and he/she is also qualified for this loan, you can apply for 2 beneficiaries each so that you can support a total of 4 beneficiaries, for example, your 4 children.
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