K200,000 approved for school fee loan

Youth & Careers

THE Gazelle development authority (DDA) board has approved an extra funding of K200,000 to cater for outstanding applications of tertiary students applying for loans through the Gazelle school fee loan scheme.
During a board meeting on Monday, the board deliberated on the report of the initial school fee grant of K300,000 managed by the East New Britain Savings and Loans Society (ENBSL) that had since be expanded.
Gazelle DDA board chairman Jelta Wong 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,” 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 so we must immediately release K200,000 to ENBSL to cater for the outstanding applications,” Wong said.