Graduates and students of the University of Guyana, who fail to repay tuition fees, will soon be barred from leaving the country, Finance Minister, Winston Jordan announced Friday.
Jordan also announced interest reduction packages for those who make arrangements to repay their loans by August and September, 2016.
In keeping with a wide-ranging audit report into the operations of the Student Loan Agency, the “Jubilee offer” will be a 75 percent reduction in the accumulated arrears of interest if borrowers pay their indebtedness no later than August 31, 2016 or a 50 percent reduction in accumulated arrears of interest if borrowers bring their accounts up to date by September 30, 2016.
Since the inception of the Student Loan Agency in 1994, at least GYD$9.5 billion made available to the revolving agency to facilitate the payment of tuition fees.
Up to May, 2016 figures show that 26,239 loans have been issued but repayment up the same period amounted to GYD$1.75 billion, with installments due amounting to GYD$5.7 billion.