The Ministry of Finance said it will be extending the current waivers granted on the repayment on loans to past and present students of the University of Guyana. It is also granting a 50% reduction in the interest accumulated to various categories of borrowers.
In a statement on Wednesday afternoon, the Ministry said:
(i) Persons with student loans will be granted a 75 percent reduction in the accumulated arrears of interest on their accounts if they clear their indebtedness in full no later than October 31, 2016.
(ii) Persons who wish to bring their accounts up-to-date will be granted a 50 percent reduction in the accumulated arrears of interest, if their accounts are brought up-to-date by October 31, 2016. If, however, a borrower defaults, subsequently, the interest waived will be restored in full to the account.
(iii) 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 lapses into arrears, all interest waived will be restored.
(iv) Borrowers whose accounts were current for at least two years at July 31, 2016,will receive a 50% reduction on the interest accumulated prior to the repayment due date of the loan. 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.
