Students praise TELS initiative

Students under the Tertiary Education Loans Scheme (TELS) have praised the new discount initiative introduced in TELS as announced in the 2018-2019 National Budget. Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum during the 2018/2019 National Budget last Thursday revealed that those who repay their loans more quickly under TELS were going to enjoy a major discount on their total repayment.

Mr Sayed-Khaiyum said depending on how fast one could repay the loan, they could have 50 per cent, 25 per cent or ten per cent of their student debt erased completely. He said this would be based on what the student owed and they would have a set number of years to make their repayments to enjoy these incentives.

“If you manage your money, if you save and are savvy with your spending, Government is going to help you in a very big and very responsible manner. “Because the sooner your debt is repaid, the less you pay overall. That’s true because it will accrue less interest, and because of the major discounts offered by this programme, what we’re calling accelerated repayment incentives,” Mr Sayed-Khaiyum said. Second year Bachelor of Law and Psychology student with the University of the South Pacific (USP) a TELS student, Mischelle Kaur, 22, said the discount will not only put a reduction on the student loan but also help her prosper ahead financially as a young adult. Ms Kaur said the initiative would also help them plan and secure funds for housing and further career developments within Fiji or abroad. She said they would bring back our skills to contribute to the Fijian Government. Another USP student Joseph Ravoka, 23, of Nabua said this would give students the advantage to clear off their loans and give them the chance to plan ahead for a secured future without any financial constraints.

“I take utmost pride in the Fijian Government for it’s developing enhancement especially in the educational sector. “The new implementation will assist the younger generation not to be dependent or chained to further loans,” Mr Ravoka said.

USP third year student pursuing a Bachelor of Law, Neha Chand, 21 said,“I think this is a great initiative from the Fijian Government, if you look at a wider picture of how much pressure there is on young adults. “Things do not come cheap nowadays and with the new initiative, it will give a chance for students to prepare for the future in terms of housing, further business planning, family commitments and further education,” Ms Chand said.