District provides K300,000 to society for school fee loans

FUNDS totalling K237,201 has been disbursed for tertiary students applying for loans through the Gazelle school fee loan scheme.
Member for Gazelle Jelta Wong said the school fee grant of K300,000 was received by the East New Britain Savings and Loans Society (ENBSLS) last September.
ENBSL is managing the funds following the signing of a memorandum of understanding (MoU) the Gazelle authority.
The Gazelle district development authority (DDA) board approved a school fee grant of K300,000 where students could access funds through loans and repayment rates were at one per cent.
Wong, when receiving an update from the ENBSL finance team this week, said a total of 128 loan applications were received by ENBSL’s lending unit for assessment and deliberation.
“From the 128 loan applications, 68 applications amounting to K237,201 have been approved and released to respective institutions for clients in the five LLGs in Gazelle,” he said.
Only 26 applications did not comply with the society’s lending terms and conditions and were rejected.
There is now a balance of K62,799 which is not sufficient to cater for the remaining 34 loan applications amounting to K102,120.
A submission is being prepared to the Gazelle DDA board to approve funding to cover the remaining applications.
Wong said the average loan amount as per the 68 approved loan applications was K3,500.
“The five LLGs in Gazelle received K60,000 each. Central Gazelle had 15 applications amounting to K58,929, Inland Baining with 13 applications amounting to K38,881, Lassul Baining with eight applications amounting to K21,696, Livuan Reimber with 15 applications amounting to K50,576 and Tomadir with 17 applications amounting to K67,119,” he said.
“All LLGs received their share according to the respective applications.”
Wong said lessons learnt from the rollout of the K300,000 would be taken on to further improve the programme next year to help parents and students in Gazelle.