By GOVERNMENT through Professor Jonathan Moyo’s ministry of Higher and Tertiary Education, Science and Technology has commenced dolling out of education loans to prospective tertiary students.
The facility is available to prospective students who want to enrol for or have been accepted for a certificate, diploma or degree at any university, polytechnic, teachers colleges and industrial training centres are eligible for the education loan.
It’s also available to Zimbabwean students already enrolled at any Higher and tertiary institution but facing financial constraints, those who are failing to settle outstanding fees hindering their progression to the next level of their studies or access to their results qualify for the loan facility..
“The objective of the Higher and Tertiary Education Loan Support Facility to assist current and prospective students who do not have requisite financial resources to support their college or education,” said a statement from Ministry.
However the facility does not cover foreign students attending Zimbabwean Universities or students undertaking certificate diploma or degree programmes offered by foreign colleges or universities and or students who have received full Government or other scholarships
Participating and lending institutions include POSB, GetBucks, CBZ, NMB, Eduloan and RBZ, these institutions will pay the fees straight into the college or university account with the maximum tenure of this facility being 60 months.
The bank interest rate will not exceed 10% per annum while microfinance up to 2% per annum and the interest accrual under the facility will start from the date of loan disbursement.
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