Lloyd says people will be brought to justice
NASSAU, BAHAMAS – With $ 100 million in scholarship loans, the Education Loan Authority is currently negotiating with a collection agency to recover the unpaid funds.
“We are in the process of negotiating with this agency and we are looking to secure a contract,” said Education Minister Jeff Lloyd, who called the unpaid amounts a “vexatious situation” that is preventing the ministry from going from there. forward with -programming.
âWe have $ 100 million in assets. We wanted to start the 2018 – 2019 school year, to get back to the loan offer, but it looks like we will have to start again in 2019.
“It’s a vexing challenge because you know, without the threat of legal action, people just refuse to come forward, and we really don’t want to take legal action against people, but obviously we will haveâ¦”
Lloyd said the Authority tried to work out a payment plan with the defaulting debtors, but that effort also failed.
âWe tried working with people and they promised through a payment plan that they would pay $ 100 or $ 500 a month, and they were delinquent about that.
âWe worked with them even more and wanted to give them the opportunity to keep their promise, but it looks like we’ll just have to sue some of them and that’s unfortunate. We’ll have to do what we have to do because it’s the people’s money, âLloyd said.
The Education Loan Authority was introduced under the Christie administration in 2001. In a previous interview with Eyewitness NewsLloyd said records show student loan payments have been past due since then.
According to Lloyd, nearly 5,000 student loans were issued between 2001 and 2009, but by 2009 the program had racked up more than $ 100 million in past due payments.
The student loan program was then dissolved under the third Ingraham administration.