Minister for Finance Professor Biman Prasad says Government is going to announce in the 2023-2024 National Budget a more revamped, efficient and value for money funding scheme for tertiary education.
Speaking at a press conference, the Deputy Prime Minister stated that an accumulative $100 million was lost in funding students who failed and dropped out in the early stages of their respective areas of study.
Prof Prasad said the Tertiary Education Loans Scheme was not properly managed and Government is reviewing the whole scheme system and an announcement is expected soon.
“The new scheme that will be announced in the next budget, where a set of criteria that will replace the old TELS scheme… that will cater for all and would systemically train people at all levels.”
“Not only for those in Universities but technical colleges and other higher education providers,” Prof Prasad said.
He said the current TELS program opened the doors and there was no control on what people did or studied.
“You could have 1000 of students going on TELS getting into Universities and then dropping out and a significant amount of money is wasted.”
Meanwhile, the Minister of Finance will deliver the 2023-2024 National Budget on June 30, at 10am.
