Students at the University of Guyana (UG) are rejoicing over the government’s announcement of a debt write-off program, marking the first phase of a manifesto promise.
In a statement made by Finance Minister Dr. Ashni Singh on Monday, the government revealed plans to write off loans totaling approximately 11 billion Guyana dollars (around 52 million US dollars) for individuals who had borrowed to finance their education at UG.
This announcement was met with enthusiasm from students, who welcomed the relief from financial burden.
According to Tahsmee Janesh, a UG Engineering student, the initiative is a significant step towards addressing the skills gap in Guyana, particularly in fields like engineering.
By alleviating the pressure of loan repayments, more individuals are expected to pursue higher education, thus contributing to bridging the skill deficit and reducing the need to import labor.
Jevon Jones, a UG Medical student, echoed similar sentiments, emphasizing that the debt write-off not only eases financial strain but also encourages more students to enroll at UG.
He believes that an increase in enrollment will have positive ripple effects throughout the workforce, benefiting society as a whole.
Jonathan Persaud, another UG Engineering student, highlighted the socio-economic barriers that prevent many students from accessing higher education.
He applauded the government’s initiative as a means of motivating students from disadvantaged backgrounds to pursue their academic aspirations.
Earlier this year, Vice-President Dr. Bharrat Jagdeo hinted at the potential write-off of 18 billion dollars in past loans, a provision included in the current year’s budget.
The debt write-off program represents a significant milestone in the government’s efforts to promote accessibility to higher education and alleviate financial burdens on students pursuing tertiary studies at UG.
Reported by Samuel Gillis