The government has announced plans to write off approximately $18 billion in student debt accrued over the past 20 years, with up to $5 billion expected to be written off by the end of the year.
Vice President and General Secretary of the People’s Progressive Party (PPP), Bharrat Jagdeo, confirmed that while over $200 million has already been forgiven, nearly 3,000 additional students will benefit from the initiative before the year concludes.
Jagdeo explained that the primary criterion for eligibility is residency in Guyana. “The only criteria for you to be eligible is for you to be in Guyana… once you are here in Guyana and contributing to national development – that does not mean working in the public sector, you could be working anywhere – you will be eligible,” he stated during a press conference held at Freedom House, Robb Street, Georgetown.
In drawing a comparison between the current administration and the previous APNU+AFC government, Jagdeo criticized the opposition for increasing tuition fees by 35 per cent during their tenure at the University of Guyana (UG) and failing to deliver on their promise of free tertiary education.
“They promised to do it in a couple of weeks when they got into office… instead, they increased the fees by 35 per cent at UG. We said in five years we’ll do this, and that’s why we believe we have the capability. We plan everything,” he emphasized.Earlier this year, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, announced that the government would begin the process of eliminating outstanding student loans owed by UG graduates.
He noted that this phase would commence on the condition that graduates provide proof of employment or self-employment in Guyana for a specified minimum period.In 2023, a total of 3,520 students graduated from the University of Guyana, with over 70 per cent employed at the time of graduation.
During the presentation of the 2024 national budget, Dr. Singh had unveiled phase one of the student debt elimination initiative, which is expected to benefit around 13,000 Guyanese.
