Permanent Secretary, June Chandler (left); and Chief Education Officer, Karen Best, flank Minister of Education, Ronald Jones, as he announces the Scholarship and Exhibition winners for 2016.
By:
Jenique Belgrave
Persons refusing to pay their debts to the Student Revolving Loan Fund (SRLF) have run up a staggering $30 million tab.
Admitting that the SRLF was feeling the pressure of this debt, Minister of Education Ronald Jones appealed to defaulters to settle their bills, warning that inaction will lead to the Ministry once again publishing these names in the newspapers in an effort to collect these outstanding funds.
“The Student Revolving Loan is under some stress. This has been precipitated by those persons who owe Student Revolving still not meeting their commitments to the fund,” he stated.
In addition, the minister pointed out an increase in demand from students, in particular over the last three years.
“There was a time when the SRL would lend basically 300 persons money, but today that number has grown to around 1 500, so you have had a five times increase in the number of persons accessing loans at the fund. We have taken a policy decision that we still recognise regional and international studies, but 75 per cent of the resources [are] for domestic studies,” he stressed.
He therefore gave those seeking to apply for a loan notice that it may be difficult to meet the demands of everyone at this time, while suggesting that individuals could also seek such funds from the island’s various credit unions, which have attractive education loan packages.
To help give the fund some ease, Jones disclosed that an appeal had gone out to the Caribbean Development Bank, while Cabinet seeks policies to strengthen it.
Admitting that it may be difficult for some persons to pay, he nevertheless urged them to head to the ministry to work up a payment plan within their means.
“There is a simple principle – he who borrows should repay, especially in a loan revolving fund. You can’t keep looking for money to bring in all the time when the fund should be revolving. You are helped – you pay back particularly when there is a low interest regime,” he told the media gathered yesterday at the ministry.
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