Finance Minister and Deputy Prime Minister, Biman Prasad
A working group has been established to facilitate necessary legislative amendments to the existing provisions of the Tertiary Scholarship and Loans Act in consultation with the Solicitor General’s office.
This as the coalition government is in the process of forgiving over $600 million in tertiary scholarship and loan debts and resetting the funding of tertiary students moving forward.
Finance Minister and Deputy Prime Minister, Biman Prasad says a working committee has been established to evaluate and discuss relevant policies and existing laws to determine the best way forward to plan the proposed debt write-off.
“The working committee is also mindful of the subsequent impact that the policy amendments would have on the labor market, given that we must ensure that our students are able to secure employment after the completion of their studies.”
Prasad also confirms that as of March 27, $655.2 million had been paid out through the Tertiary Scholarship and Loans scheme.
He adds that $28.1 million has been recovered as of February 28th this year, while the scheme started in 2014.
Prasad also confirms that $617.4 million is currently outstanding.
He adds that in terms of scholarships, $240.8 million has been paid out through the Tertiary Scholarship Program as of March 27th.
The Finance Minister says the TSLS Board will continue to assist students, who would have to serve their bond term instead of making loan repayment.
Prasad says the coalition government is currently focused on finding the best way forward in removing student loan repayments and restoring scholarships for university students.