Gov’t to begin first phase of eliminating outstanding UG student loans

Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh underscored that government will commence the first stage of eliminating the outstanding student loans owed by graduates of the University of Guyana (UG) this year.

During his 2024 budget presentation at the Arthur Chung Conference Centre on Monday, the finance and public service minister stressed, “We will commence the first phase of eliminating outstanding loans owed by graduates of the University of Guyana, on the condition that these graduates can demonstrate proof of being employed or self-employed in Guyana after their graduation, for a minimum period to be specified.”

This significant action is part of the PPP/C government’s 2020 manifesto pledge to provide Guyanese with free tertiary education by 2025.

Meanwhile, Minister Singh also noted that the government will continue to invest in post-secondary education to guarantee that there is a sufficient supply of specialised skills in the workforce while allowing young Guyanese to reach their full potential.

A total of 3,520 students from the University of Guyana graduated in 2023, and more than 70 per cent of them were employed at the time of graduation.

The sum of $4.1 billion is budgeted to support the operations of UG, in 2024.

In 2024, new programmes will be offered in numerous areas including food security, cyber security, engineering technologies, biopharma, marine studies, earth and climate sciences, and sports medicine.

Investment is being made to construct a major US$4.9 million health science building at UG, which is slated to be completed in the first half of 2025. This educational edifice is critical towards the preservation of the certification of the medical school.