Section 2
SEC. 2. Under such guidelines issued by the Educational Assistance Policy Council hereinafter created, poor but deserving students may avail of educational assistance from loanable funds as established below: Educational Loan Funds (ELF) A loan fund initially constituted at fifty million (P50,000,000.00) pesos shall be earmarked, set up and ad ministered independently at the SSS and GSIS which shall allocate twenty five million (P25,000,000.00) pesos each from their investible funds spread in a yearly contribution of five million (P5,000,000.00) pesos starting calendar year 1976-77. This fund shall be used to service the financial needs of eligible students regardless of whether or not their parents or any of them are members of the SSS and GSIS. The fund shall be in addition to the current educational loan program of the SSS and the scholarship program of the GSIS. The PNB, DEP and the Land Bank shall set aside five million (P5,000,000.00) pesos each of their annual investment portfolio for the purpose. These institutions shall submit to the Council the procedural guidelines for their participation taking into account their own charter objectives. All private banking institutions and the Amanah Bank shall also earmark a certain percentage of their investible funds for the purpose. The amount of loan that may be granted each student shall be determined by the Council considering the number of years to complete his studies and the amount needed for such expenditures as tuition and other school fees, board and lodging, pocket money, books and supplies and other miscellaneous expenses. All loans under this scheme shall be covered by a guaranty fund which is hereby created, under such conditions as may be imposed by the Council. Educational Loan Guarantee Fund (ELF) The sum of one million (P1,000,000.00) pesos is hereby authorized to be appropriated out of any funds in the National Treasury not otherwise appropriated to constitute the initial Educational Loan Guarantee Fund. Earnings guarantee charges and other credits arising from the operations of this loan fund shall accrue to the Educational Guarantee Fund. The guarantee fund shall be administered by the Council.