Student loans for all those who have left the country after studying under the Tertiary Education Loan Scheme and have made arrangements with the Fiji Revenue and Customs Service for loan repayments, have not been forgiven.
This has been confirmed by Tertiary Scholarship Loans Services CEO Hasmukh Lal following the announcement by Deputy Prime Minister and Minister for Finance Professor Biman Prasad that the $650 million TELS debt will be forgiven and graduates will have to enter into a bond service which will be years official study multiplied by 1.5.
Lal says the rationale to forgive the TELS loan is that they will provide a service to the country, which is Fiji.
He says instead of having direct monetary return with loan repayment, with the bonding service, it is going to be non monetized return to the country by service to the country through paid employment.
Lal also confirms that the loan forgiveness also excludes those who have taken the loan through the in-service TELS scheme as they are the ones who are already in the workforce and have the ability to repay after studying.
He confirms that the FRCS will monitor the bond service.
He further says if a student is not able to finish their education through the sponsorship, they need to demonstrate to FRCS that they have worked in the country.
Lal says for example, if they have studied for two years and they have worked for three years in the country, then their name will be cleared from the bond.
