Discussions are underway with banks where they will pay off 50 per cent of the Tertiary Education Loans Scheme (TELS) taken by Fijians, with the condition that a person whose TELS is being settled, takes on a loan from the bank.
Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum made these comments at a budget consultation in Rakiraki last week.
“Under TELS once you graduate, you have to pay the loan back. You only start paying once you start working,” he said.
“A small percentage is taken out of your salary as payment. “But if you pay 50 per cent of your loan in three years’ time, the other 50 per cent we forgive, we write it off.
“So now we are talking to some of the banks who are interested in this. “What they want to do now is that, look we will pay your 50 per cent and the other 50 per cent they can take a small loan from the bank.
“It’s a win-win situation for everybody.”
