The Saipan Higher Education Financial Assistance has been able to collect a significant amount from loans made by scholars in the last 10 years.<\/p>\n
Merissa S. Rasa, administrator for SHEFA, disclosed in her 2014 Annual Report that collections from loan repayment is currently at $37,969.52, which covers the period from 2004 through 2014.<\/p>\n
However, the report indicates that SHEFA began collecting loan repayments only in 2006 and initially collected only $553.84. A year after, the collection grew to $3,525.71. From 2008 through 2010, SHEFA showed an average annual flat rate collection ranging from $2,000 to $2,500 per year.<\/p>\n
It was in 2011 when the program recorded the highest loan repayment of $5,745.36 from defaulted scholars. In 2012, the office was able to collect a meager $666 until 2013, when repayment jumped to $5,745.36, a .01-cent difference from 2011.<\/p>\n
SHEFA rules and policy require that, within three months after successfully completing one\u2019s studies or 30 days after termination or non-enrollment from the institution of record, whichever occurs first, the recipient of SHEFA financial assistance must return to Saipan for employment and\/or to provide services in the private or public sector on Saipan.<\/p>\n
If a former recipient decides to remain and work abroad three months after completion or termination of his or her college studies, the grant assistance becomes a loan that must be repaid. The debtor has to pay the entire debt with equal monthly payments within six years of default.<\/p>\n
Despite the collections being meager amounts, its awards per academic year range in the millions.<\/p>\n
Rasa disclosed in her report that from 2004 through 2014, the government invested a total of $24.63 million to help local students pursue degrees here and abroad.<\/p>\n
Total awards provided for the nine-year period is broken down as follows: 2004, $170,600; 2005, $1.925 million; 2006, $2.782 million; 2007, $2.302 million; 2008, $3.026 million; 2009, $3.078 million; 2010, $3.654 million; 2011, $2.810 million; 2012, $1.540 million; 2013, $1.651 million; and 2014 $1.691 million.<\/p>\n
Only students from Saipan and the Northern Islands are eligible for SHEFA assistance. Funding for this program is sourced from poker and pachinko machines\u2019 local license fees.<\/p>\n","protected":false},"excerpt":{"rendered":"
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