The Copperbelt University Students Union (COBUSU) has applauded government’s move to reduce student loan rates.
COBUSU President Innocent Nshindano has commended the government for implementing a reduction in interest rates on student loans, lowering them from 15% to 10% per annum, effective 1st January, 2024.
He notes that his administration, along with many other leaders, had consistently advocated for this change to alleviate the financial strain on graduates.
Mr. Nshindano highlighted that the highly anticipated 2024 Budget Presentation held the expectation of a structured policy for zero-interest student debt. While such a policy was not explicitly outlined, the president acknowledged the positive impact of the government’s announcement on easing the financial burden for students.
He states that this decision provides significant financial relief for students, ultimately making higher education more accessible and manageable, particularly for those hailing from rural communities in Zambia.
