Opadeyi proposes banks administer UG student loans
University of Guyana (UG) Vice-Chancellor Jacob Opadeyi believes banks, credit unions and other financial institutions should be responsible for administering loans for university students because they are better positioned to collect repayments.
He made the suggestion on Tuesday during consultations with the university’s staff and students on a proposed hike in tuition fees. Further, students will only be required to commence payment on the loan(s) taken once they start working, and will have ten years to pay off the entire amount. Opadeyi said that he has already commenced talks with the Ministry of Finance towards making this suggestion a reality.