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Gov’t asked to retain scholarship program By ALDWIN R. FAJARDO
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Posted on Jan 12 2000
Despite the depletion of resources and swelling budget deficit it faces, the government may be taken to task to continue providing local college students with generous financial assistance.
Senate Floor Leader Pete P. Reyes yesterday urged the government to suspend earlier plans to slash appropriations for the Educational Assistance Program amid the sharp decline in revenues.
The government has started looking at the possibility of providing local college students with an alternative education financing program that would allow them to secure guaranteed bank loans to fund school expenses.
This proposal cropped up in light of recent findings that the existing scholarship system has been “extremely inefficient and overly generous.”
Last fiscal year, the government spent $4 million for financial assistance while at least $2.5 million have been appropriated for the same program this year.
The figure represents over one percent of the total government budget and is about 7-8 percent of funding allotted to the Public School System.
Under the proposed program, students will pay their educational loans once they finished schooling and are already employed. The program is similar to the financial assistance extended by various American states to their college or university students.
A financial aid board that will oversee the program is also expected to be established under the Office of the Secretary of the Department of Finance. The board will review financial records, as well as process checks.
But Mr. Reyes believes the Commonwealth stands to gain more from investing on the higher education of local students.
“It is imperative that we continue to support the scholarship program so that our children will continue to pursue higher education…and hopefully contribute to reducing, if not eliminating, the Commonwealth’s need for guest workers,” he stressed.
