Dear Editor,
I am writing to express my opinion over recent developments, particularly regarding the allocation of funds by the government. As a citizen, I believe it is crucial to address the priorities that affect the well-being and safety of our society. In recent announcements, the Government of Guyana has allocated significant funds for the construction of only seven police stations. While I acknowledge the importance of enhancing law enforcement infrastructure, the allocation of resources seems disproportionate, especially when compared to other initiatives.
One such initiative that I believe is controversial is the forgiveness of student loan debt for approximately 13,000 University of Guyana students. While I understand the government’s intention to support education and alleviate financial burdens on students, the scale of debt forgiveness raises questions about resource allocation and prioritization. Let’s put this into perspective. The construction of seven police stations, with an average cost of $137,689,958 Guyana dollars per station, totals nearly $964 million Guyana dollars. On the other hand, the forgiveness of student loan debt amounts to a staggering $11 billion Guyana dollars, averaging approximately $946,154 per student.
While education is undoubtedly important for the development of our nation, we cannot overlook the pressing issue of crime and public safety. With a burgeoning crime spree plaguing our communities, the need for adequate law enforcement infrastructure is more critical than ever. Therefore, I propose a reconsideration of the allocation of funds. Instead of channeling such a substantial amount towards student loan forgiveness, why not divert a portion of these funds towards the construction of additional police stations? By reallocating resources, we can address the urgent need for enhanced security measures while still supporting educational endeavors.
Furthermore, I believe there should be conditions attached to the forgiveness of student loan debt. One suggestion is to grant forgiveness only after 15 years of debt servicing, with a maximum of three missed payments during the same period. This approach ensures that students fulfill their financial obligations while also benefiting from government assistance in the long run. Separately, if the government were to invest the $11 billion at an average interest rate of 7% over 15 years, the future value would be approximately $35 billion, enough monies to perpetually forgive student loan balances that fulfilled the 15-year prerequisites. In conclusion, I urge the government to review its allocation of funds and prioritize initiatives that address the immediate needs of our society.
Sincerely,
Keith Bernard