October 12, 2017 / comments : 0
BY OUR CORRESPONDENT
The Midlands State University (MSU) has reportedly left scores of poor students at the mercy of financial institutions offering loans at 'extortionate' interest rates.
The varsity is no longer accepting payment plans for tuition fees and has since instructed indebted learners to approach institutions mandated with giving out loans for that purpose.
Government, through the Higher and Tertiary Education ministry, recently introduced a student loan initiative to benefit all accredited colleges offering authentic courses and programmes from both private and public sector.
The loans are administered through six approved financial institutions namely, CBZ Bank Limited, Eduloan, GetBucks, NMB Bank, POSB and ZB Bank. The banks will inject 50 percent, while the central bank will pay the remaining half.
"Students facing financial difficulties are being advised to take advantage of the Higher and Tertiary Education Loan facility which is being administered by the following financial institutions; CBZ, ZB, NMB, POSB, EDULOAN and GetBucks," MSU said in a notice.
"Students who owe current or and previous semester's fees should approach these financial institutions with their guardians and negotiate for funding. In view of the above developments, students should note that the University is no longer accepting payment plans."
Before the introduction of the loans, the Gweru-domiciled university entered into fees payment plans with its debtors. LOCAL
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