More than 25,000 students are benefitting from the Tertiary Education Loan Scheme.
$138 million has been allocated towards the TELS program for the next financial year.
While announcing the 2019/2020 National Budget, Minister for Economy, Aiyaz Sayed-Khaiyum highlighted TELS will no longer be allowed for USP Technical Colleges as they do not allow for cross transfers. FNU allows cross transfers so TELS will continue to fund students going for that.
He also confirmed that students under the Tertiary Education Loan Scheme TELS should be going to universities offering their chosen courses near their homes rather than moving to the city to do the same program. Sayed‑Khaiyum says it has been noticed that some students are using more tax dollars by moving away from their homes to do courses that are available near their homes.
Under the TELS Accelerated Repayment Incentive, 187 students have settled their loan.
This initiative was introduced in this financial year with the aim at helping students to repay their loans at a much faster rate. The repayment is determined based on the student’s total amount of debt and discount applicable after their first day of employment.
$41 million is allocated for the National Toppers Scheme.