Government will write off the Tertiary Education Loans Scheme debt of a $650 million owed by 53,725 students who had studied under the program.
This was one of the major highlights of the 2023-24 National Budget address which was delivered by Deputy Prime Minister and Finance Minister Professor Biman Prasad in Parliament today.
Prof Prasad said this was a promise by the Coalition Government that all outstanding TELS debt is being forgiven and none of these 53,725 TELS recipients and their parents and guardians will have to pay a single cent back to the Government.
“To ensure that these students serve their nation and do justice to the taxpayers as used to be the practice in the past; they will have to serve a bond.”
“The bond service will be years of study multiplied by one point five (1.5) for these graduates. Those who choose not to serve the bond will have to pay the equivalent cost amount.”
He also mentioned that Government will now provide scholarships under the rebranded Fijian Scholarship Scheme to all eligible students.
A total of $148.2 million has been allocated in the budget to cater for the scholarships of 8,720 new students and funding needed for the 9,148 existing students.
Prof Prasad said eligibility marks will be based on labour market needs and enrolment capacity of the universities.
“The bonding for new students under this scheme will be years of study multiplied by 1.5 times if tuition only and years of study multiplied by two (2) times if tuition and allowance is paid.”
“Students under merit-based scholarship will be eligible for $3,400 per semester.” Effective from 1st January 2024, all students under scholarships other than merit based will receive $2,500 per semester if they study at any campus away from home, $1,500 for home-based campuses,” Prof Prasad added.
