Categorized | National News

$175 million in education loans owed

Seventy-five per cent of recipients of the government’s education loan programme that has been suspended for the past eight years, have failed to either keep up with payments or make any at all, according to the Chairman of the Education Loan Authority, Michael Foulkes.

During his contribution in The House of Assembly yesterday, Mr. Foulkes said what was most alarming is that some of those who fail to pay are back at home and occupy well-paying positions of employment.


“In fact there are in excess of 4,400 delinquent loans and of this group, the vast majority of the students are right here at home working. But Mr. Speaker, they are not paying their loans.


“Mr. Speaker it may be hard to believe that we have brothers and sisters among us who obtained loans as much as $99,000 and never made one single solitary payment. They signed for the money, their guarantors or co applicants also signed, they received the money and never looked back,” he said.


The chairman however also took the time to thank those who were adhering to their commitments.


“I want to congratulate and say thank you to the 25 per cent of the students who have either paid in full and there are some of those or are current.


“They are meeting their commitment and making it possible when others join them to enable the authority to re commence loans to deserving persons seeking tertiary education just as they did, said Mr. Foulkes.


Moving forward, as for those who wish to set up payment arrangements, Mr. Foulkes said to call 323 6322 or they can visit #97 Collins Avenue.


Without doing so, Mr. Foulkes noted that legal action may take place.


“The board of the Education Loan Authority met recently and it is thoroughly and fully committed to availing itself of every legal avenue at its disposal to ensure as best it can that all of the loans are repaid,” he said.


“Furthermore the board has determined consistent with the education ministers’ earlier comments on the matter to continue whenever and wherever possible to commence legal action in The Supreme Court against borrowers and their guarantors,” said the Golden Gates MP.



Written by Jones Bahamas

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