Parents grateful for student loan scheme

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.