AGO’s report on lapse in recovering university loans
The two universities, NUS and NTU granted several million dollars of loans to mainly Singapore students whose parents could not afford to pay for the cheap tuition fees that are already highly subsidized. In the AGO’s report where it did some sample tests, it discovered that the recovery of student loans in 23% of the cases were delayed by 3.5 years, ie student unable, could not or somehow did not repay the loans in time. MOE has responded that it is working hard to recover the loans but in some hardship cases it has to delay or reduce the repayment sum.
What does it mean, young university graduates in hard times and unable to service their student loans? Were they not gainfully employed after graduation? Is there a problem that young university graduates are facing financial hardship and unable to repay their loans in time?
There was a time when getting into university was something that called for great joy and celebration, on the path to riches. And on graduation, crossing the last hurdle, life was supposed to be good. Today, on graduation is the time to face disappointments in getting a job, don’t bother about getting a good job. Some were unable to get jobs over a year, some graduates ended up working as temp workers! There is nothing to celebrate about on graduation.
Some thought they got to do better, went on to get a masters degree only to be more disappointed after wasting the money and time, unable to find a decent job. What is going on?
Nevermind, this is the new life of a graduate. What is more disheartening, actually I thought it was a good thing that students were helped by the universities with study loans. On second thought they would be better off if they were foreigners, being helped in a big way by the same govt, with free scholarships, no need to pay back, no need to worry about loans in arrears or rescheduling loans. How lucky are these foreign undergraduates. And how unlucky are our own undergraduates. Should not they wish that they were not citizens of this country?
By the way, how many billions were thrown to the foreign students in scholarships? Why no one think this money should be given to our own children? Why no one think this should be raised in Parliament, that out taxpayers’ money must be given to the taxpayers’ children, not to children of people that we have nothing to do about, who did not pay any taxes to us? Why are chasing after loans that the students cannot afford to repay while foreigners had a free ride with free scholarships?
Stupidity has no cure. Or is it more than stupidity?