Parents grateful for student loan scheme

National

PARENTS and students have expressed their gratitude over the announcement of Prime Minister James Marape’s approval of the endowment fund to assist students’ school fees starting next year.
Marape made the announcement at the closing of the 2019 PNG Update forum in Port Moresby on Friday.
He said that his government had approved the funds which would be established for students loans from next year to assist students in tertiary institutions until they completed their studies and they (students) would repay the loans once they started working.
Marape revealed that a portion of the revenue generated from the country’s State-owned entities (SOEs) would be used for the student soft loan school fees scheme.
“Seven per cent from every earnings from the State-owned entities (SOEs) will be funnelled towards the Sovereign Wealth Fund (SWF) set up,” Marape said.
“I want to link the SWF to the students’ assistance programme going into the future.”
Marape said in order to benefit from the loan scheme, the interested students would have to be registered under the National Identity and Civil Registry and have an acceptance letter from the institutions they last attended.
They would enter into a soft loan which the students could repay over their working lives.
The announcement received support from parents at the forum.
They said it would take a load off their efforts to paying for their children’s tertiary school fees.

One thought on “Parents grateful for student loan scheme

  • I personally agree with this idea but I am confused about the length of time that would take a student to repay the debts. Would it be for a certain amount of years when he/she graduates and find a job or would it be a life time payment. Also, not all graduates would be successful in finding jobs straight after they graduate so I wonder if they did not get employed during the first year, will they be arrested or should the government wait for them to repay their debts when they find a job. Thank you

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