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COLLEGE EDUCATION SAVINGS PLUS PROGRAM
“IF YOU THINK EDUCATION IS EXPENSIVE, TRY IGNORANCE”, a familiar adage aptly said. And so we all want to be learned, get a diploma for this is our passport to a good future. We abhor ignorance and incompetence for our life might be doomed.
Recognizing this reality, Cebu Peoples Cooperative wants all the children to succeed and attain greater achievement in life. This is our advocacy that is close to our hearts. And so we made it the very platform of this program.
College Education Savings Plus Program or CESPP follows the concept of “saving for the “rainy day”. This is about setting aside resources while you are still in the peak of your income generating capacity for the future education of your child.
A member under the CESPP program has two options to participate. He may opt to choose to save according to the suggestions per Savings Program Matrix or open a regular kiddie savings account with at least the maintaining balance.
The Savings Program Matrix under the CESPP contains the minimum amount to save monthly and regularly without fail. The targeted total amount to be saved must be completed within the required period to save in accordance to the preferred savings program.
Generally, one must take into consideration the projected total cost of the chosen college course until graduation. This shall be used as guide when choosing the amount to be saved monthly, weekly, or daily depending on the preferred savings program that matched the capacity of the saver.
In extreme cases where saving can not be continued due to unavoidable circumstance, the savings program can be stopped. When this happens, the total accumulated savings made plus the computed interest according to the prevailing rate can be withdrawn.
The Cooperative encourages the CESPP participant not to withdraw but instead persevere until the end of the period to save. This is the essence of saving, the very foundation of this program. Because we care for the children’s future, as much as you do. If we don’t, who else will?
COLLEGE EDUCATION SCHOLARSHIP PROGRAM
It is every parents’ dream to see their children in togas march the portals of universities with the coveted diplomas in their hands. To the Coop this is an achievement. To the parents, this is success. And to the children, this is fulfillment of the long cherished quest to finish a course. For this will usher them to the realm of the new world of work and bring them to the zenith of their dreams.
It is easier said than done. Exacerbated by the uncertainties of the future cost of education, it is even made more difficult for parents to secure the future college education of their children. This does not escape the prying scope of the cooperative.
Then the College Education Scholarship Program or CESP was developed. The purpose is to provide financial support to parents who wish to send their children to college to take up a course of at least four years.
Under CESP, the Cooperative guarantees to allocate an amount at the rate of one percent (1%) higher than the prevailing rate of interest on savings under CESPP and an opportunity to enjoy the College Education Scholarship Fund.
There are two entry points to this program. Prospective participants must have an existing qualified kiddie savings deposit or is an existing CESPP participant. Entry to the financing program requires that the total savings is on hold until college graduation of the child..
The Applicant, whose nominee to the CESP who has a regular kiddie savings deposit account can only avail of the existing regular educational loan program. On the other hand, only Applicant with CESPP account can avail of the College Education Scholarship Program or CESP.
All Applicants to the CESP shall be evaluated using its total savings made with the Cooperative as the basis. The objective of the evaluation is to determine the amount the Coop will finance. The Coop commits to finance up to 100% of the projected tuition fee depending on the total CESPP savings of the member.
Upon graduation since the nominee to the CESP is enrolled in college, the total actual amount of tuition financed by the Coop shall be settled. Settlement means that the total value of the CESPP plus the College Education Scholarship Fund allocation by the Cooperative shall be charged off. The balance in excess of the actual cost financed by the Coop shall be turned over to the CESPP depositor as graduation gift.
In case the child nominee/student enjoys full scholarship, the total value of the CESPP plus the College Education Scholarship Fund allocation shall be released to the nominee/student as allowance. The release shall be done periodically or per month whichever is applicable.
In the event the nominee can not enter into college due to whatever circumstance, the total value of the CESPP plus the College Education Scholarship Fund allocation can be re-assigned to an alternate nominee. The alternate nominee must not enter college earlier than the year the original nominee is expected to enroll in school.
Overall, the success of the College Education Scholarship Program requires the concerted efforts of the parents, the nominee/student and the Cooperative. The parents must have the courage to persevere to save and the child determined to succeed. Because, we in Cebu Peoples Coop are always committed in this partnership of development.
Cebu Peoples Coop will always be behind your every effort so that together we will achieve more. With you, we are always enthusiastic to march towards our quest of developing and realizing every aspiration of the members. This is our mission, this is our dream.