| Author |
 Topic  |
|
|
Momodou
Denmark
11835 Posts |
 Posted - 02 Oct 2006 : 12:43:59
|
D2 MILION LOAN FOR UNIVERSITY STUDENTS
By Bubacarr K. Sowe
The Social Security and Housing Finance Corporation has earmarked about two million dalasis for needy students at the University of the Gambia. Speaking at a press conference on Thursday, the Managing Director of SSHFC. Tumbul Danso said a maximum of twenty thousand dalasis will be offered to each student. He said one hundred students will benefit from the package...
He further indicated that the payment of the loan will commence a month after the money is disbursed by SSHFC. Mr. Danso said an interest of 16% will be charged on the loan, and the debt will be paid within a period of twelve months. “Repayment of the loan would commence on 31st October, 2006 and thereafter on monthly basis”, he noted.
Source: FOROYAA Newspaper Burning Issues
Issue No. 83/2006, 29 September - 1 October, 2006
|
|
|
ranga
USA
149 Posts |
Posted - 04 Oct 2006 : 06:59:25
|
Momodou, this sounds like a great program. The Government is essentially betting that anyone with an education from the University of The Gambia will be able to repay the loan. They're also using the future degree as the collateral.
|
T.K. "Ranga" Rengarajan
Founder, Geoseed Project
http://www.geoseedproject.com
|
 |
|
|
gambiabev
United Kingdom
3091 Posts |
Posted - 04 Oct 2006 : 08:03:09
|
This system is used in many countries now for university education. Will poor students take the risk of the repayments in a country with such high unemployment?
In UK I had my university education for free and got a small grant. My parents also helped me. Therefore I left university with no debt.
Now many students have debts running to over £10,000. This is not a good way to start off working life. It is such a burden. BUT when there are very few grants around it is the only way to get a degree. |
|
|
|
jambo
3300 Posts |
Posted - 04 Oct 2006 : 19:54:49
|
two questions how does a student quality for the loan is it means tested or open to any university student. what happens if they miss a months payment. |
|
|
|
kondorong
Gambia
4380 Posts |
Posted - 04 Oct 2006 : 20:11:14
|
My only problem is when do they start repaying the loans. Is it after getting a job or after graduating.
Any way its a good beginning and the government is worthy of praise for the move. Two things comes to mind.
1. since the money is from Pension Accounts, has the Social Security Office insured the money so that when students fail to pay, pensioners will get their money. You cannot rob Peter and pay Paul.
2. The government should start a massive economic programme which leads to job creation in the economy. It does not haver to be public service jobs. Government should not be the employer but should create an enabling environment for growth in the economy. Big government is drain on hard earned taxes and only increases the bereaucracy.The productive base should be improved, value added industries are examples. Foreign direct investment (FDI) should be sought after istead of AID. The latter only encourages dependency whilst the former leads to transfer of technology which consists of the human software and technical hardware.
Well a good start and hope pensioners are also not victims in the process. These are the two concersn i have. |
|
|
|
kondorong
Gambia
4380 Posts |
Posted - 04 Oct 2006 : 22:14:49
|
Ok. I did not read it well. They will start paying the loan immediately after disbursement. May be these are students who have study leave from their employers and as such are paid salary during training at the University. If that is the case then its not very bad. However, unemployed students and those not on study leave may find it difficult to pay almost immediately.
|
|
|
|
ranga
USA
149 Posts |
Posted - 05 Oct 2006 : 06:58:09
|
gambiabev, graduating with debt is no way to start a career. But as you havd said, that is much better than not having a degree at all.
jambo, since only 100 students will benefit, I guess there is some form of selection.
|
T.K. "Ranga" Rengarajan
Founder, Geoseed Project
http://www.geoseedproject.com
|
|
|
| |
Topic |
|
Topic Locked
