TELS spend estimated around $750m by 2020
14:42 Tue Mar 13, 2018
Taken from/By: FBC News
Report by: Aliki Bia
By 2020, the projected amount of money spent through the Tertiary Education Loan Scheme will be about $750 million.
Education Minister Aiyaz Sayed-Khaiyum revealed this while responding to questions asked by Opposition MP Professor Biman Prasad on the repayment of the student loans.
Sayed-Khaiyum says TELS will only be payable once the person graduates and starts working.
He says government is still in the process of reviewing how loan payments should be made.
“But we are currently looking at for example a bracket say of 15 thousand dollars, so anybody that will earn whose finished their studies they’ve got employment and they are earning less than 15 thousand dollars a year, they don’t do any repayment until they earn more than 15 thousand dollars a year that’s the benchmark we are currently assessing.”
The Education Minister says under the Employment Relations Act there is a specific legislation which states that government cannot in any state perform or allow for deductions of more than fifty percent of the salary.
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