Business & Investment

Fintech companies offering student loans add the first international university to their list

IE University in Madrid, Spain. Image via Wikimedia Commons.

Bucas, a local fintech company We will provide student loans and partner with IE University in Madrid, Spain in December this year. Private educational institutions are the first international schools on the Bukas roster.

“This partnership will provide Filipinos with the opportunity to study abroad,” said John Robert F. Emurano, Country Manager for Bucas.

Bucas, which offers installment payment plans for Filipino students, has nearly nine times more applications in the two years since its establishment in 2019.

“This year has already exceeded 13,000. [student loan] It’s an application so far, and we expect more to be submitted by the end of the year, “Emrano said in an email. Business world.. This is an increase from about 1,500 in 2019 and 5,000 in 2020.

Startups have also more than doubled student coverage, the total number of students their affiliates have at high and graduate levels, from 120,000 at the beginning of the year to about 300,000.

The idea behind Bucas, who was registered as a legal entity under the name Bucas Finance Corp. in 2019, was to democratize education in the Philippines.

“We chose education financing because we believe that affordability is a first-principles approach to improving the education sector in the Philippines. More students choose school education for financial reasons. We want to make sure we don’t have to quit, “says Emlano.

Bukas has a mobile app This allows students to submit loan applications, monitor payment deadlines, and pay unpaid loans. The first student borrower was an engineering student at Mapua University who activated his account in May 2019.

Since then, we have assisted students at 35 partner institutions, including Far Eastern University, Asia Pacific University, SoFA Design Institute, University of Bohol, University of Visaya, and University of Murray, Mindanao. Eskwelabs..

There are no minimum grade or year level requirements for applying for a tuition installment plan. The minimum requirements for the application are:

  • Must be a Filipino citizen and must be at least 18 years old
  • You must provide your school ID or government-issued ID
  • You need proof that you are enrolled in or are enrolled in one of Bukas’ affiliated schools.
  • Must be 21 years of age or older and have a guarantor with proof of income

Working students can be self-guaranteed.

Bukas will pay the full tuition fee directly to the student’s school as soon as the application is confirmed. Students can reapply for additional tuition fees each semester.

According to the Ministry of EducationThe number of enrollments from kindergarten to high school in 2020-2021 decreased by 14% to 3.8 million, or 23.2 million. Parents’ finances were hit during this pandemic, and the total enrollment in private schools plummeted by 60%, reflecting the escape to public schools.

In 2010, only 10.1% of Filipinos obtained a degree. According to the census on population and housing by the Philippine Statistics Authority.. — — Patricia B. Mirasol

Fintech companies offering student loans add the first international university to their list Fintech companies offering student loans add the first international university to their list

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