- ST VINCENT STUDENT LOAN DELINQUENCY TOO HIGH
Minister of Finance Camillo Gonsalves has called on beneficiaries of the Student Loan Initiative to honour their obligations.
During his budget address on Monday January 8th, Minister Gonsalves said there are simply too many people who were not repaying their loans even though they are gainfully employed.
“Recent analysis indicates that far too many of the delinquent borrowers are gainfully employed persons-many within the civil service- who have simply decided not to repay their loans, we will employ various measures this year to remind those delinquent borrowers that student loan repayment is not optional”, stressed the Minister.
The Minister added that Budget 2024 has taken the decision to reduce student loan interest rates from 6 per cent to 4.5 per cent.
There are currently 187 students taking advantage of the Student Loan Programme and accessing 5.4 million dollars worth of loans.
