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Educational loans given emphasis
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Posted on Jan 07 1999
Educational loans to local recipients will be emphasized in the government’s continued efforts to assist students pursue post secondary education.
In the recent meeting between Gov. Pedro P. Tenorio and the Chairman of the Committee on Health, Education and Welfare, the CNMI government intends to move away from the “grant” mentality in subsidizing college education.
“I would rather see that the CNMI Scholarship Office allows loans,” according to Representative Heinz Hofschneider.
In contrast with the regular grant, interested individuals have to apply for loans. Future laws will also be introduced to ensure their collection.
This process motivates borrowers to study harder and encourages their return to the CNMI since 10 percent is waived from their loan for every year of service.
“There is a long term problem with the notion that you don’t have to work hard academically speaking in order for you to get grant assistance since it is there. All you need to do is apply and you get it,” he said.
According to Hofschneider, the latter is a self-defeating policy in terms of ensuring success stories for grantees. The loan assistance assures the government that an applicant badly needs it to further his education but are often taken for granted.
Grants and scholarships, which are often defined with exact meaning, are not one and the same. A scholarship is an incentive for one to perform certain academic standards.
“That in itself is a motivation for these students to perform well,” he said.
With the emphasis on loan and scholarship, the CNMI government hopes that its investment is returned to the community who provided funding for both educational assistance.
