Government begins first phase of UG Student Debt write-off

The Government of Guyana has announced that some 13,000 students are set to benefit from the first phase of its student debt write-off at the University of Guyana.

According to the Minister responsible for Finance, Dr. Ashni Singh, the first phase eliminates loans owed by graduates of the University of Guyana.

The University of Guyana provided free education up until 1994, when charges were introduced under the PPP Civic Government and then President Dr. Cheddi Jagan.

In announcing the student loan debt write off, Minister Singh said the current PPP Government is moving to write off all loans owed by Guyanese who are able to demonstrate that they completed their course of study and graduated and subsequent to graduation, were employed or self-employed in Guyana for a minimum of three years.

To prove that they have been working in Guyana for three years after graduation, they will have to produce evidence of 156 contributions made to the National Insurance Scheme.

“This is specifically intended to acknowledge as the first priority the contributions made by persons who utilised their education to contribute in one way or another, through employed or self-employed economic activities, towards the development of our country. This first phase, subject to the number of persons who provide the required evidence, could potentially benefit over 13,000 Guyanese who have $11 billion in student loan debt”, the Finance Minister said.

He said in the coming days, the Ministry of Finance will publish how persons can access this immediate phase 1 of the student loan write off programme in keeping with the announcement.