The Tertiary Scholarships and Loans Service (TSLS) Board has pronounced its robust approval for the 2024-25 National budget. The board Chair, Ro Teimumu Kepa, lauded the increased budget allocation for scholarships of $150.5 million, up from $148.2 million.
Kepa emphasized the Coalition Government’s dedication to promoting Fiji’s future by significantly investing in higher education. She noted the Government’s active response to the global labor market trend, where developing nations are continually losing skilled laborers to developed countries.
As a country still in the developmental stage, Kepa highlighted Fiji’s crucial need to robustly invest in talent building to maintain a professional workforce. The budget increase aligns with recommendations from reports like Scholarship Priority Areas and the Human Capital Development Plan, as well as historical investment data trends from TSLS.
According to Kepa, a record-breaking 10,830 scholarships, study grants, and loans are scheduled for awarding in the fiscal year 2024-25 – a significant and historic stride for Fiji. This figure includes both new initiatives and additions to existing ones, plus financing for 9,940 persistent students.
Kepa further commended the introduction of stringent bonding requirements to safeguard fair returns on investment. The bond period for international students will now be expanded to 2.5 times the study duration, with a 50% penalty on unsettled bond time.
Finally, Kepa noted the policy that allows only two probations for failing to keep the necessary GPA and pass rate. After this, the student will be suspended for an academic term. This policy aims to promote a more sincere commitment to academics and boost pass and completion rates.