Dear Editor.
Linden Forbes Sampson Burnham had the vision of free education from nursery to university, for he recognised that economic growth lies in an educated population. In 1992 the PPP/C government thought otherwise and introduced tuition for tertiary education.
It is with horror and shame that I saw this audited delinquent student loan list published by the Kaieteur News which reads like the Forbes 500 List. The brightest and the best were targeted in this name and shame list, less than 2% ‒ 488 out of 25,335 ‒ of the students, who would have gotten where they are through humongous personal sacrifice and perseverance, yet remained in Guyana to serve their country. Can you put a price tag on that? Government after government pays lip service to the brain drain problem, but does anyone really care? When the opportunity presented itself for positive action the delinquent list (of 488 persons) humiliated and embarrassed them.
But this audit omitted to publish the names of the thousands who graduated and cannot find employment or are underemployed or have been forced to migrate. Starry-eyed students are fed the mantra that education is the key to success. But while adding up this debt did the audit reveal the good news of the thousands of students who have nothing to show for the loan except a piece of paper that is worthless?
Many employers criticize the quality of the education they paid so dearly for; that a great number of graduates are functionally illiterate who cannot write a letter or do maths further than primary school level.
Keep in mind that student loans are profitable business for the government; this is a captive student population which must pay 5% interest on loans and daily accrued interest whilst the interest rate on deposit accounts at the commercial banks earn a mere 2 and 3 per cent.
The government knows that the students are on the hook for amounts borrowed plus interest. Did the forensic audit publish the statistics? Did it reveal that of the students who remained in Guyana how many are earning a living wage? How many receive $100,000 per month (US$500)? Public servants, degreed teachers, social workers and other indebted workers have suffered through a 5% salary increase year after year for decades. The previous government knew exactly what they were doing in allowing this high rate of delinquency. Mr Sue Ho confirmed that he was not advised that the loan fund was a revolving one. So why now, and backdated too?
Now along comes this new government. Did the loan agency or the Ministry of Finance contact the debtors by phone, mail or email about their loans that had been taken out since 1994 or ten and fifteen years ago before dropping this delinquent list like a ton of bricks on their heads? No.
Scholarship students who go abroad to study must sign a contract to serve the Government of Guyana in the public service for five years. Did the erstwhile forensic audit recommend an initiative that full-time workers in the public service with notoriously low wages should be treated equally and be granted a public service loan forgiveness programme after five years of service? Or that interest should be waived to allow delinquent students an opportunity to try and honour their contract?
Furthermore student loans should not be repaid until (a) the public service is given a living wage; (b) all the degree certificates are given international certification; and (c) the quality of professors/lecturers is drastically improved. No more must first degree lecturers be permitted in the University of Guyana. Students should find their voices and speak out, or else get a recognised and worthwhile education from one of the private universities that are springing up all over the country.
Yours faithfully,
Hema Persaud
