Sources of Fund

1. The initial allocation of Two Hundred Thousand Pesos (200,000 PhP) for the special depository fund to be known as Blessed Br. Solomon Fund for Study Loans was set aside from the OVPAR's budget of SY 2005-2006 reserved for studies and research.
2. All excess funds from this initial 200,000 PhP will become the principal of the Blessed Br. Solomon Fund for Study Loans (BBSFSL).
3. The practice of channeling excess funds shall be done for five years or until such time that theinterest earnings of the Fund shall cover anticipated applications for studies that are approved annually.
4. Like all funds held in trust, the principal of the fund (at least 150,000 PhP yearly for five years) is deemed fixed unless additional funds are allocated from donations, operations, interest incomes, etc.
5. Payment for the existing study loans extended to De La Salle Lipa Faculty shall be credited to the BBSFSL.

1. A study loan is extended to a member of the faculty of De La Salle Lipa to finish graduate studies, if he/she does not qualify for the normal Faculty Study Grant because he or she does not yet have a permanent full-time status.
2. The following are requisites for an application for a study loan to be considered. Otherrequisites may be added later on.
   
   1. A letter of intent from the faculty to the chair
   2. A recommendation from the Area Chair/Department Chair and Dean; the recommendationmust also bear a certification that the faculty has a teaching load for the whole school year.
   3. Proof of acceptance at the University or HEI for the chosen course
   4. A budget proposal for schooling and related expenses
   5. Program duration of the chosen course;
   6. Declaration of the existence of any other sources of funds for studies
   7. Part Time of DLSL only, had served the institution for at least 1 year.
3. The study loan shall only be extended after all possible loans for studies (CHED loan, external grants, etc.) have been tried.
4. Applications for a study loan shall first be submitted to the OVCAR following the requisite mentioned above. The VCAR will then review and pass on the applications to the Faculty Scholarship Committee for discussion and concurrenc"e. Upon approval, The OVCAR will checkwith FRD for eligibility based on existing guidelines on minimum take home pay. Clearance will mean approval by the VCAR and endorsement to the Chancellor.

Requirements from Grantee

1. Repayment of the loan shall be through salary deduction for twenty calendar months (2 years) without interest.
2. A semestral report shall be prepared by the Financial Resource Department and submitted to the OVCAR.
3. Should the grantee default on his or her studies covered by the grant at any period after signing of the MOA, the loan shall be paid with interest equivalent to prevailing bank rates. The grantee shall serve DLSL for at least one semester after graduation.
4. Completion of the studies with meritorious or outstanding results (e.g. "Summa cum laude with congratulations from the Panel" or "Excelentisismus" or other such recognitions) may result in total or partial reimbursement for all expenses related to studies and to the particular loan. Details are to be worked out with the VCAR