Student loans now on offer for Aldec courses |14 February 2011

The Adult Learning and Distance Education Centre (Aldec) has made available to those interested in further studies a student bank loan through a partnership with the Seychelles Savings Bank (SSB).

Following research in 2008 by the coordinator of academic and modular courses at Aldec, Donald Zialor, it was discovered that most of the students who dropped out of the course did so because of financial difficulties.

Different strategies were used to reduce the number of dropouts, such as payment by instalments and the students’ declaration, where they had to sign a legal document saying when they would pay their fees.

These were effective up to a certain point, as the dropout rate decreased, but it was not as successful as Aldec hoped it would be.

“When students drop out of a course, it also has an effect on those who want to complete their course as Aldec has no option at times but to close courses where it is felt the number of students enrolled is not cost-effective,” said Mr Zialor.
 
“It is one of Aldec’s primary values that learning is a lifelong process, and that everyone has a basic right to opportunities for continued growth in learning. It recognises the natural right of all individuals to education.”

Mr Zialor said the aim of the loans is to help students who want to continue their Aldec course to do so.
 
The centre aims to offer a relevant and effectively organised education service for adults and out-of-school youths that complements formal schooling, meets personal/professional and national needs and thus improves the quality of life of individuals and in the nation as a whole.

Mr Zialor stressed that although an adult learning course can seem costly, in the long run it should repay itself in better prospects and higher salaries.

A country’s economy is also improved when individuals take on courses to better themselves academically, professionally and in terms of skills, mainly because it helps them to have a greater role in society and make an increased input at a higher level than before.

A Ministry of Finance official said gaining more academic qualifications means people can take on a greater role as the country does not have enough professionals at the moment. It may be a cost to the country's economy during the course, but the gain after a successfully completed course will offset this cost for sure.

Looking at the Aldec dropout rate for the past three years, it had a 41.8% reduction from its original enrolments in 2008, 41.4% in 2009, but a fall of only 20.7% last year.

How to apply for a loan

To be eligible for the loan, a person must be in permanent employment and have a bank account with the SSB.
After he or she has enrolled on a course at Aldec and has been certified as qualified for it, the student should say they would like to take a loan. The SSB is then contacted, and a letter given to the student to take to the bank’s loan section for the necessary paperwork to be completed.

If the student meets the two conditions above, things should be straightforward from there.

Repayments are made directly to Aldec, and students pay back the loan according to the conditions agreed between them and the SSB. Repayment periods are flexible.

The borrower must have a guarantor, and although the loans are called “student loans” they are treated in the same way as other personal loans offered by a bank.

If a student does not have an account with the SSB, he can open one with a required minimum deposit of R500, after which the bank’s normal conditions will apply.

Mr Zialor said Aldec will carry out an evaluation of the scheme by the end of this year, and he is appealing to all would-be students to apply for their own personal benefit and also for the good of the country as a whole.

By Ivan Hollanda