A total of 346 students from the University of Guyana (UG) are now debt free as government commences phrase one of its Student Loan Write Off Programme.
According to the Finance Ministry’s 2024 mid-year report, approximately $203.7 million in student debt owed to the prestigious institution has been written off by Government.
Beneficiaries of this phrase were former students who were able to prove that they completed their course of study and graduated, and subsequent to graduation were employed or self-employed in Guyana for a minimum of three years, as evidenced by a minimum of 156 contributions made to the National Insurance Scheme.
An additionally, 2,900 persons that qualify for this phrase will benefit from the initiative in the second half of the year.
Overall, 13,000 Guyanese will benefit from the student debt write-off implemented by the government.
The programme which aims to make tertiary education free by 2025 is the brainchild of President Dr Irfaan Ali and its implementation follows a promise made in the People’s Progressive Party Civic (PPP/C) 2020-2025 manifesto plans.
Earlier in the year, during the reading of the national budget, the Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh announced that a whopping $11 billion in loans are expected to be written off by the government in phase one.
Subsequently, Vice President, Dr Bharrat Jagdeo noted that a mechanism to assist students who would have already paid their dues to the university but are repaying loans to commercial banks will be examined.
During one of his weekly press conferences, the Vice President had said that with provisions to waiver outstanding student loans acquired within its current term in office and give free tertiary education, this feature is technically already effective.
However, Dr Jagdeo expressed concerns about potential cost escalation during the transition and emphasised the importance of quality education that is aligned with the country’s needs.
He suggested a strategic approach to tertiary education, including sourcing technical training programmes from other institutions instead of immediately establishing new programmes at UG.
“UG will always have a critical role to deliver tertiary education, a prime role in our country. This is our university and we should keep it as such and we need to fund it well and improve it,” Jagdeo asserted, stressing the importance of providing quality education that meets the country’s needs and helps students secure valuable employment after graduation.
Ultimately, the administration is dedicated to adequately financing the university and enhancing its role in delivering quality tertiary education to all students in Guyana.
Meanwhile, opportunities are also available for locals through the Guyana Online Academy of Learning (GOAL) scholarship programme, which has seen the Government partnering with educational institutions around the world to offer courses that will meet the challenges and demands of various sectors in Guyana, including the oil and gas, engineering and construction, and information security sectors.
According to the Vice President, the anticipated influx of higher qualified persons into the workforce will create conditions in the public and private sector that have to be addressed.
The Government has already distributed over 20,000 online scholarships through GOAL that offers 187 programmes that can be accessed from 15 reputable academic institutions across the world, including in India, Africa, the United Kingdom, and Germany.
According to the mid-year report, in the first half of 2024, 8,023 GOAL scholarships were awarded to persons expected to commence studies in September 2024.
