Mon, 21 May 2018 02:00:13 -0400
PM pleads with students to repay loansWednesday, August 09, 2017
KINGSTOWN, St Vincent (CMC) — The St Vincent and the Grenadines Government says one in four persons who have received loans under the economically disadvantaged student loan programme is not repaying the funds borrowed.
“I am concerned that within recent times, the non-performing student loan portfolio has risen to about 25 per cent,” Prime Minister Dr Ralph Gonsalves said. However, “we still have more people who are paying than who are not making their payments on time”.
The statement by Gonsalves, the minister of finance, came just over a week after the Student Loan Company, a state-owned agency, published in the local newspaper the names of people, urging them to contact the company.
While the notice did not say why the persons were being asked to contact the company, all the names were of persons who had received loans under the programme.
But it later emerged that some of those on the list were, in fact, servicing their loan, and, according to reports, when contacted the company said it merely wanted to update the recipients' contact information.
Gonsalves told a news conference Monday that “it must not be assumed that all the names which were published are names of students who are in arrears”.
He said the list also contains the names of persons who are not in arrears “but they have not been in touch with the Student Loan Company for several pieces of information which are required, and they were written to and they haven't responded.
“You borrow money, you must keep in touch with your lender,” Gonsalves said. “I want also to make this point to all those who have borrowed money from the Student Loan Company or through the Student Loan Committee before that, through what is now the Bank of St Vincent and the Grenadines. I want to say to you, if you are not making your payments on a timely basis or not at all, get in touch with the entity that actually loaned you the money, that is to say the bank or the credit union, and get in touch with the Student Loan Company. Go and see Stuart Haynes at the NIS.”
Gonsalves said the people in the Student Loan Company are not beasts.
“They want to hold your hand. There are ways and means for you to work with them and restructure your loan,” he said, reiterating his appeal for defaulters to contact the company.
“I want you who are listening to me, just go to the people who lend you the money and to the Student Loan Company. Forget about all the theories and all the expressions, or this or that advice you're getting on social media. you just do what is right and proper, as I'm advising you.
“I repeat, the Student Loan Company is there to assist you with your obligation. You have an obligation, but don't feel diffident about it. And clearly, those who have jobs and are in a position to pay, please pay, because if you do not, you are going to create difficulties for others, including, probably, your brother or your sister or your nephew or your niece.”
He said that the basis of the programme is that “the government trusts the young people and trusts them to do the right thing”.
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