Preamble
WHEREAS, it is of common knowledge that many deserving students are unable to pursue their studies due to financial difficulties; WHEREAS, it is a declared national policy to democratize access to education by providing opportunities to deserving citizens to pursue higher education and training in the fields of study vital to the development of the national economy; WHEREAS, the limited scope and coverage of existing state scholarship programs should be supplemented by schemes whereby the state can expand its commitment of financial assistance to deserving students; WHEREAS, the establishment of an educational assistance program more commonly known as the "study now pay later plan" has been enunciated as a major measure to promote such democratization of education opportunities. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, hereby order and decree the following to be part of the law of the land.