THERE has been, of late growing debate over the Government bursary scheme for students in higher public institutions of learning.
The Copperbelt University (CBU), University of Zambia (UNZA) and Mulungushi University are some public institutions where students receive Government support in form of bursaries.
Colleges such as Evelyn Hone and public ones offering teaching course also qualify for the bursary.
Government bursaries come in form of monetary support to the students and this money is used for tuition fees, purchase of study material, accommodation and transport.
This week, I am looking at the bursary scheme and its probable substitute; the student loan scheme.
Government has come up with a suggestion to replace the conventional bursary with the student loan scheme.
The student loan scheme is a facility where students in public tertiary institutions get financial help from the Government on condition that the money is paid back to the financier.
This, of course will be at a time when the beneficiary completes school and gains meaningful employment with the financial capacity to pay back the loan.
The student population in institutions of higher learning is growing and the resultant effect is the overstretching of Government coffers.
Several public universities are also being constructed countrywide and when operational, there will be beneficiaries in need of the bursary.
This could result in the restructuring of the bursary by shedding off beneficiaries or reducing allowances and other privileges.
Even though this is just a suggestion, the idea has received opposition and it is that the process of moving away from the bursary scheme to the student loan scheme cannot be done without stakeholder input.
The student loan scheme makes perfect sense but as a long term measure.
There is no guarantee of a fresh university graduate gaining direct employment with the ‘desirable’ conditions, meaning government will be lending without collateral?
Of course there is the option of self employment but under this arrangement, only a third may succeed with running a business venture that will accrue profits to pay the financier.
If the student loan scheme is to be implemented, there should a guarantee that the beneficiaries will have indirect or direct payable jobs.
Already there are reports that some youths have failed to remit Youth Development Funds being distributed by the Government.
In its implementation, the student loan scheme should be done under a pilot project, for instance a couple of students in their final year of course study.
These individuals could be assisted with a year’s loan and once they graduate and get employment, the money could be paid back to the financier.
There will also be a need for financial training of would-be beneficiaries of the student loan scheme to ensure that the funds are utilised for the intended purposes.
In the meantime, Government should sustain the bursary scheme with initiatives of roping in finances that will carter for students on the scheme.
It would be fair though, to make adjustments to the number of those qualifying for the bursary.
For instance, if a student on a bursary flanks examinations multiple times, they should be removed from the facility to pave way for another beneficiary.
This kind of sponsorship comes at a cost; hard work and it goes beyond students protesting every time when a bursary delays be it even for a couple of days.
Students in higher institutions of learning should appreciate the bursary scheme as the Government invests a lot of money in this project annually.
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