The Social Security and Housing Finance Corporation (SSHFC) has promise to support at least a hundred (100) students who are currently studying at the University of The Gambia through a student loan scheme.

This was disclosed by Tumbul Danso, Managing Director of the Cooperation at a press briefing yesterday at SSHFC head office in Banjul. According to him, the proposal to assist students was envisaged by the management at investment committee meetings as a kind of gesture towards the development of The Gambia.

He said that this vision is to help fund a lot of activities in the health and education sector. “The scheme is also to provide assistance to the government to ensure high education as government alone cannot do it”. He added that the corporation still intends to bolster the education sector in The Gambia by also seeking some involvement in the tertiary level of the education sector. “In this way, the offer of soft and affordable loans for tuition fees for the needy students of The Gambia University would facilitate such kind of participation in the University education”.

For his part, Mr Edward Grahan, Director of Finance and Investment, said that the condition required to qualify for a student are: a letter of recommendation from the university and that all interested students should fill both the loan application and guaranty forms. He said the maximum amount to be issued out per student should not be more than D20, 000.00, which should be guaranteed by two reputable persons or by a bank guarantee.

“The interest rate of the loan is 16% on the outstanding balance, the payment period of the loan would be 12 months, final year students would be given priority and repayment of the loan would commence on 31 October, 2006 and thereafter on monthly basis.

He added“Hither to the above, management proposes to earmark about D2 million for the project and it was intended that the amount would be a revolving fund with the accruing interest. The number of students targeted for the above amount is 100 students for a start with a grace period of one month”