The Department of Education (DepEd) on Monday assured teaching and nonteaching personnel that the department has taken steps to address the problem of undeducted Government Service Insurance Service (GSIS) loans that reportedly resulted in the imposition of penalties, surcharges and compounded accrued interest.
Understanding the difficulty being faced by affected member-borrowers who want to fully or partially settle their outstanding loans, the DepEd has appealed to the GSIS to reconsider the payment of accumulated interests over the years.
“The DepEd has written the GSIS, appealing for the extension of the September 30, 2018, deadline to December 31, 2018, for all member-borrowers to update and settle their past due accounts such that penalties and surcharges on their past due loans may be waived,” Education Secretary Leonor M. Briones said in a news statement.
In addition, the DepEd has requested the GSIS for condonation of compounded accrued interest on past loans.