As part of its ongoing efforts to make tertiary education free by 2025, the Government of Guyana, through the Ministry of Finance, has written off approximately $203.7 million in student debt owed to the University of Guyana (UG). This initiative has already benefited around 346 individuals, with plans to extend relief to an additional 2,900 persons later this year.
In total, the government aims to assist 13,000 Guyanese through this student debt write-off. Free tertiary education by 2025 is a key component of the People’s Progressive Party/Civic (PPP/C) 2020-2025 manifesto. To achieve this goal, President Dr. Mohamed Irfaan Ali has outlined a phased approach, initially targeting those holding university loans.
During the presentation of the national 2024 budget, Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr. Ashni Singh, announced the first phase of this initiative. The government plans to write off a substantial $11 billion in loans during this initial stage.
Furthermore, Vice President Dr. Bharrat Jagdeo noted that mechanisms will be explored to assist students who have already settled their dues with the university but are repaying loans to commercial banks.
In addition to loan write-offs, the government has implemented the Guyana Online Academy of Learning (GOAL), offering individuals the opportunity to pursue higher education at no cost. To date, approximately $1.6 billion has been invested in scholarships through this program. According to the mid-year report, over 4,000 persons graduated in May 2024 with bachelor’s degrees, master’s degrees, postgraduate diplomas, and other certificate programs.
In the first half of the year, an additional 8,023 GOAL scholarships were awarded to individuals set to commence studies in September 2024. These initiatives underscore the government’s commitment to expanding access to tertiary education and alleviating the financial burden on Guyanese students.
