Features / Others

1. Interest rates of 10% (reduced from 12%)
2. Zero advance interest
3. Longer repayment period (ex. Housing loan to a maximum of 20 years)
4. Loans are covered by insurance up to maturity period
5. Rediscounting of checks @ 1% per month.

Basic philosophy of the program

1. It is the policy of GLEDCO to contribute to the social well-being of the community where it operates.
2. One of the means to attain this end is to establish a financial support system which shall be made available to deserving students who are dependents of GLEDCO Members.
3. The program will be implemented on an annual basis regardless of the type or duration of the course.

Benefits of the program

The Scholarship grant shall include a monthly stipend of Php 1,500.00 paid directly to the grantee for ten (10) months for one (1) School Year only.

Mechanics of payment of benefit

1. The grantee shall receive from GLEDCO his/her monthly stipend of Php 1,500.00 upon submission of the proof of enrolment from college or university. Grantee shall be entitled for 10 months within the school year.
2. At the end of the School Year/semester, the scholar shall submit to the GLEDCO Scholarship Committee a report on the status of the grant, including problems concerning the grantee.

Eligibilty – Who are eligible?

Only members of GLEDCO are eligible for the Program. Proceeds of the loan may be used by the member wishing to pursue further education or their children-dependents education expenses, provided, that “dependent-children” is defined as to include those who are judicially declared as dependents of the member, including the dependents of Solo Parents.

For degree program

1. S/he must have final rating average of not lower than 85 or its equivalent.
2. S/he must be enrolled in any of the colleges or universities in Laoag City.
3. The combined family income must not exceed Php 200,000 per year.
4. S/he must not be more than 27 years old on the 30Th of May prior to the initial enrollment.
5. S/he must have passed the entrance examination of the college/university where s/he intends to enroll.

For non degree program

1. S/he must belong to the upper 25% of the graduating class.
2. The combined family income must not exceed Php 200,000 per year.
3. S/he must not be more than 27 years old the 30th of May prior to the initial enrollment.

Selection committee

1. The BOD shall act as the GLEDCO Scholarship Committee.
2. There shall be 5 scholarship slots made available every year.
3. The BOD will interview the applicants with the option to conduct a written examination, interviews, and other similar activities as warranted.
4. The BOD shall grant the scholarship to those who have qualified as a result of the selection.

Requirements and processing of application

1. Photocopy of Students Form 138 (Progress Report Card)
2. Birth Certificate
3. Certificate of Good Moral Character from the Barangay Chairman
4. Photocopy of the BIR validated Income Tax Return or a certification from a competent authority that his/her family’s combined income does not exceed Php 200,000.00 per annum.

Condition of grant/termination of scholarship

1. There shall be an orientation/meeting by the committee with the scholars and their parents/guardian during the onset of scholarship grant to discuss the duties and responsibilities of the grantee, parents, guardian and the committee.
2. Grantee shall carry the normal load of the course and maintain the weighted average of (2.25) in all his/her subjects. The weighted average shall be computed by multiplying the final grade with the number of units, the summation of the products shall be divided by the total number of units.
3. If the grantee, for any reason, fails to finish the school year, the grant shall be terminated on the month when Grantee last attended school. The BOD shall be duly notified in writing.
4. The BOD shall terminate the grant under any of the following grounds:
   1. If S/he is found guilty of grave misconduct or misdemeanor in accordance with existing University policies, rues and regulations;
   2. Upon receipt of a verified report that grantee has committed acts considered as illegal or immoral;
   3. Using fraudulent information during application or for the duration of the scholarship
   4. Upon determination by the BOD that the grant no longer serves the intent and spirit of the program.
   5. Failure of grantee to perform the responsibilities while under the Program
   6. Other circumstances the BOD may find justifiable.

Responsibilites

1. The grantee shall submit to the committee a semestral report of grades. Non submission of grades shall be a ground for discontinuance of monthly stipend.
2. Withdrawal from the scholarship shall be done in writing.

The gledco college scholarship committee
The BOD shall:

• Disseminate information regarding the program;
• Resolve problems relative to the program;
• Make available application forms,
• Award the scholarship to the qualified applicants, and
• Perform such other functions relative to the effective implementation of the program.