Kreetika Kumar 
[Source: USP]
The Fiscal Review Committee believes that there needs to be a complete relook at how tertiary education is funded, as the Tertiary Education Loan Scheme has not worked particularly well.
Speaking on ‘Saqamoli Matters’ last night, Chair Richard Naidu says the government’s recovery of money from TELS is about $5 million a year.
Naidu says it is concerning as the $600 million book of debts is not an asset because it is not paying anything.
Naidu says the money has gone towards educating a lot of people, but it is not necessary with the skills vital for today’s economy.
“There is a whole rethink needed for that because education is important. Tertiary education is undoubtedly important, but we just haven’t gotten it right.”
Naidu says it is not clear whether TELS had a strategy to recover the $600 million loan.
Finance Minister, Professor Biman Prasad earlier highlighted that a new set of criteria for the TELS will be announced in the 2023–2024 National Budget as the government has been informed of wastage from the scheme.
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