Georgetown: Finance Minister, Dr Ashni Singh said alternative courses of action will be implemented to encourage greater compliance with the Student Loan Agreement which is issued by the University of Guyana Student Loan Facility and funded by the Finance Ministry.
Recently, the Finance Ministry said it is no secret that thousands of graduates from the University of Guyana have failed miserably in the repayment of their loans. “The level of repayment of student loans is not where we would want it to be,” Dr Singh told media operatives during a press conference at the National Communications Network (NCN).
Government, he said, has been taking note of this trend that has been established over the years and corrective measures would soon be implemented. “I believe that corrective action has to be taken to achieve a higher level of compliance and a higher level of repayment.”
He added, “This issue is currently being contemplated, alternative courses of action that could be taken to encourage greater compliance.”
Responding to questions on whether Government will be presenting a Supplementary Paper to the National Assembly to solicit funds for entities and programmes that were affected by 2014 Budget cuts, Dr Singh declined to give a definitive answer.
He said however, “We are fully mindful of the circumstances in relation to each one of these items and we are attentive to their implication. So the people of Guyana can be assured that the Government of Guyana is mindful of the urgency of some of these matters and that appropriate actions will be taken.”
Vice Chancellor of the University of Guyana, Dr Jacob Opadeyi, had told Guyana Times that lowly subscribed programmes at the University of Guyana will be cut off and the services of lecturers terminated, if the institution experiences a major shortfall in enrolment due to students’ inability to access loans for the Academic Year 2014/2015.
Dr Opadeyi said if the Government of Guyana fails to return to the National Assembly for the restoration of the $450 million for the Student Loan Programme, UG’s administration will have no other choice than to shelve programmes.
“If we are not able to attract the more than 3,000 loan students, it therefore means enrolment would be affected and if enrolment is affected, income will be affected and if income is affected, expenditure will be affected,” he posited.
He said if the Government fails to return to the Assembly for supplementary funding for the Student Loan Programme before the House goes on recess in August, the stated line of action will be taken.
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