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  • Minister of Education, Hon. Rev. Ronald Thwaites, is urging parents to begin saving towards their children’s tertiary education from an early stage.
  • The Minister was speaking at COK Sodality Cooperative Credit Union Blast Off, held at the Mona Visitors’ Lodge on Wednesday, January 21, under the theme: ‘Passion…Time for Growth’.
  • He added that while approximately 14.6 per cent of the Education Ministry’s budget has been allocated to fund tertiary students this year, it is unrealistic to expect the Government to support funding in its entirety.

Minister of Education, Hon. Rev. Ronald Thwaites, is urging parents to begin saving towards their children’s tertiary education from an early stage.

“My advice to parents is that they should start saving for their child’s tertiary education from grade seven, if not before. Put down $500 a month if that is what you can afford, because the power of compounding will make it a tidy sum by the time that child reaches 18,” he argued.

The Minister was speaking at COK Sodality Cooperative Credit Union Blast Off, held at the Mona Visitors’ Lodge on Wednesday, January 21, under the theme: ‘Passion…Time for Growth’.

He added that while approximately 14.6 per cent of the Education Ministry’s budget has been allocated to fund tertiary students this year, it is unrealistic to expect the Government to support funding in its entirety.

The Ministry has allocated $138 million this financial year to provide grants and scholarships to more than 2,000 beneficiaries. Additional sums are also expended each year to provide support for needy students. Approximately 1,000 students were assisted over the last three academic years.

The Minister also noted that students should opt for part-time study programmes that allow them to earn all or some of their tuition fees.

In addition, Rev. Thwaites informed that the application period for the Students Loan Bureau for the 2015/16 academic year starts on February 16, 2015 and concludes on May 29, 2015.

The Government has adequately funded the Students Loan Bureau to cover loan applications for more than 14,000 new and returning students for the current academic year, estimated at $4.6 billion.

 

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