Exploring the economic effects of student loan recovery on ex-beneficiaries : a case study of former university of Zambia students.
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Date
2023
Authors
Kampamba, Mubanga
Journal Title
Journal ISSN
Volume Title
Publisher
The University of Zambia
Abstract
The study aimed to explore the economic effects of student loan recovery on ex-beneficiaries of the former University of Zambia. The primary focus was on the repayment interest rate, the student loan repayment period, and the effects of student loan repayment on savings and disposable income.
The research was inspired by the transition from a bursary system to a student loan scheme in Zambia. This significant shift necessitated substantial adjustments for numerous individuals, particularly those who had previously benefited from the bursary system. The obligation to repay these loans can exert a considerable financial strain on graduates, potentially influencing their financial satisfaction and overall quality of life. A comprehensive review of literature was conducted, encompassing global, regional, and local contexts. This provided a broad perspective on the issue and helped to situate the research within the larger discourse on student loans and higher education financing. The study employed a descriptive qualitative approach within an interpretivism paradigm. A carefully selected sample comprised of former student loan beneficiaries who are currently
repaying the student loan, a representative from the Ministry of Education, and a representative from the Higher Education Loans and Scholarships Board (HELSB). Data collection methods included the distribution of questionnaires, conducting interviews, and document analysis. These diverse methods allowed for a rich and nuanced understanding of the issue. The findings revealed that while the student loan scheme has expanded access to higher education for many Zambians, the obligation to repay these loans can impose a significant financial burden on graduates. This burden can potentially impact their financial contentment and overall quality of life. The impact is multifaceted and depends on various factors, including
employment status and income level. The study concludes with recommendations for policy and practice, aimed at alleviating the financial burden on graduates and improving the effectiveness of the student loan scheme in Zambia. These recommendations are based on the findings of the study.
Description
Thesis of Master’s degree in Business Administration.