Banks show interest in repaying student loans – FBC News
FijiFirst General Secretary Aiyaz Sayed-Khaiyum revealed that a number of banks are interested in paying off 50% of student debt.
These are debts owed by students studying under the Higher Education Loans Service.
Sayed-Khaiyum was answering questions about a number of political parties which suggest that if they come to power they will make higher education free.
Fiji’s First Secretary General, who is also Minister of Economy, asked these political parties if their plan was viable.
He says it seems politicians only say that to get votes.
Sayed-Khaiyum says the current model is sustainable.
“The FijiFirst government model is a sustainable and built-in model of that. For example, if you repay 50% of your loan in about three years, we cancel the remaining 50%. It’s still sustainable. Several banks now want to participate in repaying 50% of the debt so that students no longer have to repay the remaining 50%.
Sayed-Khaiyum says politicians don’t dissect all information about TELS.
He says the government has now allowed people to go abroad and work as long as they have a guarantee.
He adds that students who are now abroad are repaying their loans.
According to Sayed-Khaiyum, the current model is also concerned about future generations.