Submitted by Douglas
Please click on the link to see how President Obama and his wife fared in paying for their college education – in the richest country in the world. Read what he said last year in April.
We in Barbados still have a government committed to continue paying the full cost of our tertiary education over the next year in spite of the continuing recession.
However, even from August 2014, when students are asked to pay only a mere 15% (for example, about bds. $23,000 over a 4-year period – in the arts, humanities or social sciences), they will still be far better off than their US counterparts, who will pay an average of US$104,000 over the same 4 year period. And, that cost increases exponentially once the more sought after colleges come into play; not to mention the tremendously high cost associated with the ivy league colleges.
Here, our interest rate on student revolving loans is a mere 4% on the reducing balance. Not so in the us. So, we in Barbados are far better off in terms of overall cost, interest rates and repayment schedules than those in the US.
N.B. My suggestion is that we mount a well thought-out, planned and sustained public relations campaign to get most Barbadians to buy-in to this change. Cogent and plausible arguments that support the pragmatism of the new policy will win over more support. The reasoning must be ‘either make a small contribution to your tertiary education or else the unpleasant alternative’.