Cabinet has approved a request by the Minister of Finance, Winston Jordan to extend the Jubilee offer to borrowers of the Student Loan Agency of the University of Guyana, from August 31, 2016 to October 31, 2016.
The Student Loan Agency at the University of Guyana, Turkeyen
Minister of State Joseph Harmon told the media of this development today, during a post-Cabinet briefing at the Ministry of the Presidency.
Minister Harmon also announced that in addition to providing an extension of the Jubilee offer, Cabinet has also approved for borrowers who are three years or (three consecutive years) current with their payment of student loans without lapses, a 50 percent reduction of the accumulated interest, prior to the start of the repayment, once the borrower remains current.
Cabinet had approved on July 19, 2016 recommendations to deal with a high default rate of borrowers of the Student Loan Agency. Among the measures implemented was a Jubilee offer that includes a 75 percent write off of the accumulated interest, if the borrower paid the outstanding balance by August 31, 2016.
A number of places have been identified for the repayment of the loans including direct payment to the Loan Agency, standing orders which can be placed at all banks in Guyana, or at the borrower’s place of work, Western Union and Money Gram.
Minister Harmon said that the arrangements are being made to add Bill Express and Guyana Telephone and Telegraph’s (GTT) Mobile Money to the list of payment where loan repayments can be made.