#FinancePH - Need an additional P100k for school expenses? Here’s how to raise it.

Some schools are preparing to reopen, ushering in a brand-new academic year for pupils as well as a flurry of brand-new costs for parents, including tuition fees, transportation, and pricey school supplies.

The sum of the statistics might appear to be too much to handle, but there are strategies to manage your child's educational costs.  Analyze how much you'll need to budget for the entire academic year. Depending on where your child is attending school, as well as the uniforms, school supplies, books, and other items your child may require, that sum could range from P50,000 to P500,000. Once you've established that figure, you may start setting aside some of your earnings to put toward the college fund.

As tuition fees can take up to 70 percent of the expenses, review the tuition packages in detail so that you’ll know what’s covered—some may already include the books, supplies, and other essentials. Coordinate with the school regarding the payment schedules and choose the option which works well with your financial situation.

But if you find yourself short on funds at the moment, universal bank EastWest offers a solution to help manage these outgoing expenses—through personal loans.

With EastWest’s Personal Loan, customers can borrow anywhere from PHP 25,000.00 to PHP 2,000,000.00 for any financing need they might have. This will only require a one-time processing fee of PHP 1,900.00 which will be deducted from the loan proceeds. On the average, it takes up five up to seven days to process the loan application upon submission of complete requirements.

They can also experience lighter monthly installment payments to help them better manage their cash flow, with available financing terms of 12, 18, 24, and 36 months at competitive interest rates. The monthly installment rates range from 1.49%-1.69% (for EastWest credit cardholders of at least 12 months) and 1.89% (for non-credit cardholders or credit cardholders of less than 12 months).

To help you decide, there is a loan amortization calculator on the website that you may use to help you choose the most affordable and manageable payment term for your desired loan amount. 

A child’s education is one of the top financial obligations in a household, and managing it is certainly doable with advanced planning and a reliable bank partner. For more information, visit EastWest’s official website, any physical store, hotline, or the Chatbot ESTA.

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