NIS contributions, proof of employment not mandatory for loan write off – GS Jagdeo

General Secretary of the Peoples Progressive Party (PPP), Dr Bharrat Jagdeo engaging media operatives

Guyanese who have completed their studies at the University of Guyana (UG) are eligible for the $11 billion student relief program being implemented by the government, regardless of whether they were employed and made a certain amount of contributions to the National Insurance Scheme (NIS).

According to the Ministry of Finance, individuals must have graduated from a programme funded by the GoG Student Loan Agency. Additionally, they should have been employed or self-employed in Guyana for at least three years, as evidenced by a minimum of 156 contributions to the NIS after graduation.

However, the General Secretary of the People’s Progressive Party (PPP), Dr Bharrat Jagdeo clarified on Thursday that these requirements are not necessarily mandatory.

He emphasised that students falling under these categories can still benefit from the program, as the government aims to make it easier for students with outstanding loans to access relief without imposing restrictive conditions.

“We want to make this easy for our people, our students who have outstanding loans. We don’t want to put in conditions that will minimize the impacts of this initiative,” he underlined at a press conference on Thursday.

Phase One of the GoG Student Loan Write-off Programme is expected to benefit over 13,000 university graduates who collectively owe $11 billion in student loans.

This initiative represents a significant step towards fulfilling the PPP/C Administration’s promise to achieve free tertiary education by 2025, as outlined during the 2020 March 2 General and Regional Elections campaign.

The announcement to wipe out loans owed by graduates was made during the presentation of the 2024 National Budget by the Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh earlier this year.

Graduates can explore the eligibility criteria and steps on how to apply at: https://shorturl.at/kvyB5. You can also download the application form at: https://shorturl.at/qsIO5.