Despite presenting several options for students to repay the University of Guyana during the Jubilee Independence Anniversary celebrations, the Government is still left with a huge number of outstanding student loans.
Minister of Finance, Winston Jordan on Monday (June 05, 2017) noted that it was regrettable that many did not take advantage of the offer.
The Jubilee Offer gave defaulters a 75 per cent reduction in the accumulated arrears of interest if they had paid their indebtedness, no later than August 31, 2016 or a 50 percent reduction in accumulated arrears of interest if borrowers had brought their accounts up to date by September 30, 2016.
Jordan said that approximately G$10 billion worth of 28,936 loans issued since 1994, 20, 301, remain outstanding.
In this regard, the Ministry has partnered with the University of Guyana and the Guyana Telephone and Telegraph Company to offer current and former students the opportunity to repay their loans via the Mobile Money Guyana (MMG) system.
With the use of the App, repayment can be done via cellular phones.
The Finance Minister says he is currently working with Western Union to facilitate payments for those former students residing overseas and this will be launched soon. The criteria for issuing loans and potential guarantors, is also being restructured, so as to facilitate easier payments.
The MMG agreement was described as a very simple process by GT&T’s Chief Executive Officer Justin Nedd.
He explained that, “All current and past students have to do to repay their tuition loans is to enter their UG registration number, the amount they would like to pay and press send. The new option adds to the facility already being used by thousands to pay various utility bills. The GTT CEO described the new plan as just one of the many ways the company is using technology to improve the lives of Guyanese. The Mobile Money Guyana Application, is also in keeping, with a call by President David Granger, to use technology to extend the reach of financial services to underserved and un-served communities.