STUDENTS at higher and tertiary institutions struggling to
pay their fees can start applying for Government’s non-collateral loan facility
being administered through one of the country’s commercial banks.
Higher and Tertiary Education, Science and Technology
Development Minister, Professor Amon Murwira, last month revealed that the
loans would be accessible starting at the end of this month.
Students have previously raised concerns that they were
struggling to access loans from the private sector due to stringent conditions,
resulting in some of them deferring their studies. The loan facility is meant
to promote inclusion for financially incapacitated students at the tertiary
institutions.
In an internal memorandum to the National University of
Science and Technology (Nust) students, the institution’s registrar Mr Fidelis
Mhlanga confirmed that the loans are now accessible as per Ministry’s
communication.
“All the students are hereby advised that the Ministry of
Higher and Tertiary Education, Science and Technology Development promulgated
the establishment of Higher and Tertiary Education loan scheme, starting August
2019. The loan scheme is administered by Commercial Bank of Zimbabwe Private
Limited,” read the internal memorandum.
He said the loans will be awarded to deserving students
after strict assessment of their applications.
The loan is targeting vulnerable students who were failing
to access education as they could not meet collateral requirements demanded by
other financial institutions. “Communication from the Ministry indicates that
needy students should access the loan first and foremost. The communication
from the Ministry further states that the selection process will be strict and
transparent to ensure that deserving students are supported. The loan must be
paid either during the years of training or immediately after completion of
studies,” he said.
Mr Mhlanga said students should start collecting
application forms from the university’s students’ affairs division.
“The applications will be vetted by the university
committee and the successful applications will be then be submitted to CBZ Bank
Pvt Ltd which will additionally carry out further due diligence on the status
of the applicant. For those students whose applications are successful, the
loan will be paid directly to the university to cover tuition, ancillary fees
and accommodation charges,” said Mr Mhlanga.
He said students who are able to repay their loans should
not wait until they complete their studies.
Mr Mhlanga said the repayments should commence even at the
end of each semester. Chronicle
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