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Interest to be waived on outstanding University of Guyana student loans

Former students of the University of Guyana, who have not repaid student loans to the government, would soon have the interest rates waived, government hinted on Thursday.

Briefing the media on the outcome of this week’s cabinet meeting, Minister of Natural Resources, Raphael Trotman said a detailed announcement on the future management of the student loan scheme would be made by Finance Minister, Winston Jordan.

Ahead of Jordan’s news conference, the Minister of Natural Resources said “we are hoping that we can be generous in the jubilee year indeed to students and waive interests and so forth so there are considerations for passing or not insisting on payments…”  He said the interest waiver would be made across-the-board but did no details about the conditions were revealed.

Trotman brushed aside questions about whether the waiver would be granted because a number of the debtors are high profile persons in society. “I believe there are some high profile citizens of Guyana who are on the list….We are not looking at the profile that they hold now; we are looking at the fact that they are now students of the institution known as the University of Guyana and should be treated fairly and equally,” he said.

At least GYD$10 billion have not been repaid to the Student Loan Revolving Fund which is being managed by the Ministry of Finance.

Government earlier this year announced that it has stopped providing additional cash to that tuition fee financing facility because it has enough money to revolve.