Loan Bursary In Lesotho
Loan Bursary has two sections; they are that of Contracts and Recovery.
Contract section works on contract signing and renewals and project endorsement. For one to sign the Contract with NMDS, the following requirements are essential; certified copies and original certificates from standard seven to the last certificate, applicant’s valid Lesotho Passport and a certified copy, Parent or guardian passports and a prove of medical fitness.
On Recovery section, NMDS track and trace people who owe NMDS and studied in local, RSA and International Institutions. They compile statements and arrange for stop order deduction. NMDS has engaged a private debt collector called Jamale Holdings to help recover loans.
After completion of studies, those working for government of Lesotho are expected to pay 50% of the amount they owe to NMDS. Those employed in the private sector are expected to pay 65% of the amount they owe to NMDS. Those working outside the country are expected to pay 100% of the amount they owe to NMDS. Once a sponsee fail to pass his/her examinations, NMDS is bound to terminate his/her contract immediately.For students who pass in merit or distinction, a 10% credit will be given per academic year. Students who have passed in distinction pay back 10% of the amount they owe to NMDS.
On the other hand, the borrower should serve the country for a minimum of five years after completion of his studies during which time he/she will be paying the loan that has been advanced to him or her. The borrower on the other hand is expected to attend all lectures, not to commit a criminal offence, not to be drunk or use drugs. He or she should also be medically fit to undertake the approved course of study. Sponsees are not allowed to change their course of study without the written consent of the Director of NMDS on behalf of the government.