On Tuesday 17th December 2019, National Executive Council (NEC) confirmed the Marape-Steven Government’s Higher Education Loan Program (PNG-HELP) aimed at increasing the number of young men and women entering and graduating from our higher and technical education institutions with a quality education.
The PNG-HELP program addresses several of the Government’s stated objectives, including the need to:
- Increase the number and quality of higher education graduates relative to the high number of Year 12 graduate.
- Provide opportunities for equitable access to higher education places and improved quality and efficiency of the higher education system.
- Meet the social and economic demand to boost the skills and knowledge of a competitive workforce.
The PNG-HELP will deliver positive generational change in ways that increase the human capital of nation and the likelihood of achieving Papua New Guinea’s social and economic goals outline in Visions 2020..
Eligibility for PNG-HELP will be determined on merit. Continuity of HELP will be contingent on the achievement of Grade Point Average (GPA) results assessed annually for progression.
PNG-HELP APPLICATION & AVAILABITY
PNG-HELP loans will be come available for the academic year 2020 and students should check the DHERST in late January for more information
PNG-HELP LOAN REPAYMENT
PNG-HELP will provide income-contingent loan with zero interest for all eligible higher education students. PNG-HELP aims to reduce the legacy of heavy-up front debt burdens and their families by allowing students to make a major contribution to cost of their education one they are earning income.
Over the coming months DHERST will be working closely with the Department of Treasury, Finance, National Planning and Monitoring, the Internal Revenue Commission and the office of State Solicitor to:
Finalize the draft legislation to establish and operate the PNG-HELP FUND.
Finalize policy positions, terms and conditions on such matters as eligibility criteria, application and assessment process, loan agreements, lending guidelines and other matters in accordance with regulations under the Higher Education (General Provisions) Act, 2014
Develop the full operational requirements of PNG-HELP in accordance with Public Finance (Management) Act in readiness for the commencement of loan applications and the commencement of the 2020 academic year.
Finalize medium term funding agreements with the particular universities and technical colleges based on student fee enrollment and the 5-Year Higher Education Sector Plan Budget.
DHERST will keep prospective students and their families progressively informed via press media statements, DHERST’S Quarterly Newsletter and regular updates on the DHERST website https://web.dherst.gov.pg/
Professor Fr.Jan Czuba Secretary DHERST
Note: Student Loan was introduced in 1999 but failed. Read the failure factors on this post : PNG Government Introduces Higher Education Loan Program (HELP) For Tertiary Studies In 2020