Below is an adapted version of the media statement released by DHERST per the HELP (PNG Higher Education Loan Program) studentship load program for 2020. The original version can be found via the link provided below.
Key points about PNG Higher Education Loan Program
- HELP student loan is 'interest-free' with lenient repayment plans and schedules
- Application for HELP is online via DHERST website
- Students will begin repayments on their loan about six months after their graduation
- HELP studentships will commence during the opening of the first semester of the academic year 2020.
- You DO NOT have to get the loan if you can afford to pay higher-education fees or have secured a sponsorship.
- HELP covers a wide range of students as long as the students secured a place at a tertiary institution in the country: self-sponsored, drop-outs/self-withdrawn, selected students, post-graduate students, etc
HELP is 'far-reaching'
To clarify the situation, during this academic year a full awareness-raising program will be carried out across all institutions of higher learning and the public at large.
Government is firmly committed to the principle of equal value in education, seeing it as a fundamental right, and will ensure that no child or student is left behind.
How to apply for HELP?
The rollout of the HELP studentships will commence during the opening of the first semester of the academic year 2020.
Many people are understandably hesitant to borrow money. Any loan is a serious commitment, and should not be entered into lightly.
Having said that, student loans are often necessary to make it possible for a young person to fulfil their university or college dreams.
HELP terms and provisions
Around the world, most student loans offer lower interest rates, but the PNG HELP is interest-free, provides for deferred payment options together with a repayment grace period following graduation.
Under the HELP, student borrowers can also take advantage of more lenient repayment plans and schedules that are exclusive to HELP, unlike the more restrictive terms and conditions of a standard loan.
HELP studentships offer greater flexibility and more manageable terms and conditions than standard non-education loans.
For many students, an education loan will be their first major financial transaction. While taking out a studentship may seem a daunting prospect, it is also the perfect opportunity to begin to build a solid credit history.
HELP is the beginning of many students' financial history. By keeping up to date on all university or college loan repayments a student can begin to lay the foundation of a good credit score, which will prove greatly beneficial in later life.
One of the many advantages of a HELP studentship is that the student does not need to repay before he or she graduates. The HELP scheme will allow students time to seek a job before repayments commence.
Generally speaking, students will begin repayments on their loan about six months after their graduation.
Benefits of HELP Loan
Naturally, there will be students who are wealthier than others and who may not need to consider such an offer. However, for most students, a HELP studentship is a means (way) of allowing them (poor students) to concentrate on their studies rather than worrying about the source of funding for their tertiary education.