Updated: $1 billion loan facility for university and college students now in operation: Prof. Jonathan Moyo
Minister of Higher and Tertiary Education, Science & Technology Development, Professor Jonathan Moyo has announced that the Higher and Tertiary Education Loan Support Facility is now operational. The intended beneficiaries of the facility are students at:
- Universities
- Polytechnics
- Teachers Colleges
- Industrial Training Centres
The Facility is open to students who have accepted at the institutions as well as students who are already enrolled who have financial difficulties or outstanding details.
The loan facility is expected to disburse $1 billion. The Reserve Bank of Zimbabwe will cover $500 million with the other $500 million coming from CBZ, ZB and NMB banks; and POSB, Eduloan and GetBucks.
Deputy Minister of Higher and Tertiary Education, Science and Technology Development Deputy Dr. Godfrey Gandawa said:
The parent will borrow on behalf of the student, with the student becoming a co-debtor. Loan rates vary and depend on the institution.
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Payment plans also vary in accordance with a parent’s income.
In two weeks’ time, these financial institutions will start giving out the loans, and parents can approach them directly. They should produce proof of enrollment.
More: Sunday Mail
