FREE COLLEGE ENTRANCE EXAMINATIONS ACT IN PH PASSES INTO LAW
The bill mandating private universities and schools to waive college entrance examination fees of qualified students has lapsed into law on June 14, the Presidential Communications Office (PCO) announced on Friday. It is effective immediately.
This is a significant achievement, as the new law provides academically qualified but underprivileged students the chance to pursue their education at any private university of their choice.
ALSO READ: College Tuition Rates In 2024 And Educational Plans For Your Child
Free College Entrance Examinations Act
Republic Act (RA) 12006, known as the Free College Entrance Examinations Act, waives college entrance exam fees administered by Higher Education Institutions (HEIs) for underprivileged students.
Under the new law, a graduating student will be eligible for the waiver of college entrance exams and charges on five conditions:
- The student must be a natural-born Filipino citizen.
- The student must belong to the top 10 percent of graduating class.
- The student must belong to a family whose combined household income falls below the poverty threshold as defined by the National Economic and Development Authority (NEDA); or cannot afford in a sustained manner to provide for their minimum basic needs of food, health, education, housing, and other essential amenities of life as certified by the Department of Social Welfare and Development (DSWD).
- Qualified students are required to apply for college entrance exams to any private higher schools within the country.
- The student must satisfy all the requirements of the private school.
The Commission on Higher Education (CHED) is authorized to identify and enforce appropriate sanctions on private schools that violate the law.
According to the announcement, CHED will issue the Implementing Rules and Regulations (IRR) of the law within 60 days of its effectivity, in coordination with the Department of Education (DepEd). The Coordinating Council of Private Educational Associations of the Philippines, or its equivalent institution, will be consulted for drafting the IRR.
Parents' preparation for their child's college education
According to the educational platform Grit PH, current college tuition fees range from Php 70,000 to Php 250,000 annually. It is projected that these fees will increase by approximately 3-5% per year due to economic factors like rising costs for goods, services, and operational expenses.
Parents should prepare for continued tuition hikes, recognizing that relying solely on savings may not be enough. That said, establishing a dedicated savings account or investment plan allows for gradual accumulation of funds over time, taking advantage of compounding interest to grow savings effectively.
Additionally, parents should consider applying for scholarships, grants, and financial aid early in their child's academic journey. Teaching their child about budgeting, savings, and the value of money is also important, as it prepares them to make informed decisions about college choices and manage their finances responsibly.
Read here for financial guidance from fellow parents on how to save up for your child's future education.
2024-06-28T10:12:06Z dg43tfdfdgfd