The Ministry of Finance yesterday announced waiver extensions and rewards to up-to-date UG Student Loan borrowers.
According to a release from the ministry, persons with student loans who clear their debt in full by October 31, 2016 will be given a 75 percent reduction in the accumulated arrears of interest on their accounts.
Also, persons who bring their accounts up-to-date by October 31, 2016 will be given a 50 percent reduction in the accumulated arrears of interest. However, if a borrower defaults, the interest waived will be restored in full to the account, the release stated.
The release added that borrowers whose accounts were current for at least three years at July 31, 2016 will benefit from a 50% reduction on all future interest once the account does not go into arrears. If the account does go into arrears, all interest waived will be restored.
According to the release, borrowers whose accounts were current for at least two years at July 31, 2016, will receive a 50% reduction on the interest accumulated before the loan’s repayment due date. This reduction will be given in the form of a monthly credit against future payments. If however, the account goes into arrears, all interest waived will be restored to the account.
The Ministry of Finance urges all borrowers to visit the Student Loan Agency without delay to discuss repayment plans and how they can benefit from these offers.
Minister of Finance Winston Jordan had made the initial announcement of an ease in repayments on July 29 this year.
