Reduced student loan interest cheers ZANASU

By Jessica Mwansa

THE decision made by the Government to reduce student loan interest rates from 15 percent to 10 percent is commendable as it will ensure smooth repayment of the students’ loans and increase opportunities for new beneficiaries, Zambia National Students Union (ZANASU) Secretary General Mambwe Bwalya has said.

Speaking to The Scoop, Mr. Bwalya thanked the Government for its decision to reduce the student loan interest rates saying this will enable former students to clear their loans and give opportunities to other students.

He said ZANASU was committed to continued collaboration with the Government and stakeholders to foster an environment where education remained a catalyst for progress and prosperity.

 “The Government has reduced the student interest loan from 15 percent to 10 percent and this is effective January 2024. This progressive move by the Ministry of Education executed through the higher education loans and scholarship board signifies a pivotal shift in policy and this will benefit more students across the country.

 “We are committing to a continued collaboration with our listening Government because the reduced interest rates will also benefit the future generation and this will enable more youths to get educated,” Mr. Bwalya said.

He urged the Government to focus on initiatives that would foster the employment opportunities for graduates and contribute to a thriving economy.

“Investing in education must not be viewed as a wasteful expense but tangible investment in the future and survival of the country by improving infrastructure, quality education, and increasing access to education for all Zambians. We stand ready to engage constructively in further discussions and actions that advance the welfare and educational aspirations of students in the country,” he said.

He said ZANASU had long advocated for the reduction of the interest loan rates and the extension of the loan scheme itself to accommodate Zambians in private colleges and universities on the basis that this initiative was created.

“As ZANASU, we have been advocating for this move and the extension of the loan scheme to encompass institutions in the country on the basis of the creation of this Government initiative which was aimed at supporting vulnerable students.

“We thank the Government for this significant decision taken towards ensuring accessible and affordable higher education for all as it reflects a shared commitment to empowering students and promoting educational equity,” he said.