Student loans are back. Higher and Tertiary Education, Innovation and Technology Development Minister, Professor Amon Murwira has greatly implored parents and guardians to take advantage of and apply for the recently launched loan scheme. This comes after the government has released $90 million student loans with a further $10 million expected to be released next month. The new scheme is being run by CBZ Bank with Government guarantees. The Government expects the bank to follow up and ensure those who borrow do in fact payback.
Those who want to apply must get the forms from their college or university before the opening of the semester. The minister had this to say, “The arrangement is that; the colleges will secure the application forms on behalf of their students from the bank, while the students will get them from their institutions. We made the arrangement after realizing the need for students to apply before the opening of the first semester so that they pay fees on time, which will help in the day to day running costs of the institutions.”
Students can still apply for loans from other private players that include Getbucks, CBZ, POSB, and ZB. The government directed universities to peg their fees at no more than $5 000 in all fees per semester, while polytechnics and teachers’ colleges have been pegged at no more than $1 300 for certificate and diploma programs.