Students who are under the TSLS scholarship are to pay for the unserved remaining bond if they decide not to serve after their scholarship term ends, Tertiary Scholarship and Loan Scheme (TSLS) CEO Dr Hasmukh Lal.
Speaking to the media at the TSLS head office in Raiwai on Friday, Dr Lal said those who refused to serve the agreement bond would have to reimburse the amount that was invested in them, with a penalty fee included.
He urged students to stick to what they agreed to avoid paying a heavy penalty fee.
“The more they serve, the less penalty they have to pay,” Dr Lal said.
“The minimum penalty is 10 per cent, while the maximum is 50 per cent.
“So, if somebody is defaulting or not trying to serve the bond, they have to reimburse the amount that we’ve invested against the service they’ve provided, and based on that amount, we will apply the penalty.
“The students who were on the national toppers scheme that did not serve, are supposed to pay 10 per cent penalty fee, including the amount for the unserved bond.
“Those who were under the TELS scheme who did not complete their studies need to return the amount to the government, with 50 per cent penalty because that’s taxpayers’ money gone to waste.”
He said Government reinstated the 50 per cent penalty on the scholarships to maintain the return on investment.
“If you have less than 10 per cent of the bond service left, for example, you were supposed to serve four and a half years but you’ve only served for four years and two months, and if the remaining four months falls within less than 11 per cent of the bond service remaining, we will work out the amount you will have to pay, plus 10 per cent penalty fee charged,” he added.
“If you become a graduate under the Government’s scholarship, and if you have not served a single debt, or have served only less than 10 per cent of the bond, you will be charged with the amount you are supposed to pay, plus 50 per cent penalty will be applied.”
