-13,000 could benefit
The Government of Guyana has announced that it is set to commence phase one of its planned Student Loan Write-Off Programme for past University of Guyana (UG) students.
This first phase could potentially benefit more than 13,000 Guyanese who have $11 billion in student loan debt.
The announcement was made through Minister of Finance, Dr Ashni Singh, who noted that the programme is in keeping with the government’s 2020 manifesto.
“In our Manifesto 2020, we promised a pathway for debt write-off for students with outstanding student loans at the University of Guyana. Additionally, in Budget 2024, our Government committed to commencing the first phase of eliminating loans owed by graduates of the University of Guyana,” the announcement from the Ministry of Finance stated.
The criteria for benefitting from the programme include individuals being able to demonstrate completion of their studies, having graduated and being subsequently employed for a minimum of three years in Guyana. Additionally, candidates should have proof of a minimum of 156 NIS contributions.
“We are moving now to write off all loans owed by Guyanese who are able to demonstrate that they completed their course of study and graduated and subsequent to graduation, were employed or self-employed in Guyana for a minimum of three years, as evidenced by a minimum of 156 contributions made to the National Insurance Scheme. This is specifically intended to acknowledge as the first priority the contributions made by persons who utilised their education to contribute in one way or another, through employed or self-employed economic activities, towards the development of our country,” Singh said.
The Ministry of Finance will publish, in the coming days, the means through which interested individuals can access and benefit from the Student Loan Write-Off Programme, the announcement said.
