Monday, April 24, 2017
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COA hits Catanduanes State U over uncollected student loans

The Catanduanes State University (CSU) in 2015 failed to collect outstanding student loans amounting to P337,132, depriving equally deserving students of financial assistance, state auditors said.

In its annual audit report that ended in 2015, the Commission on Audit (COA) said a total of P337,132 long outstanding, interest-free loans granted to students under the Student Financial Assistance Program (StuFAPs) remained uncollected as of end 2015.

This formed part of the P432,000 loan granted by the Commission on Higher Education to the state university. Of the total loan, P431,998 was disbursed, COA said.

At least 78 students from the CSU Main and 24 students from the Panganiban campus were granted the financial assistance under StuFAPs.

But to date, the total loan repayment amounted to P94,866 only, which means that the amount P337,132 remained uncollected.

“Failure of the University management to effectively enforce the term and conditions of the loan agreement with regards to the collection of loan repayment caused the discontinuance of the loan program, thus depriving other deserving students to avail of the financial assistance,” COA said.

The COA recommended the university management to exert effort in collecting the overdue loan from student borrowers or from the guarantors.

In its reply, the management told the auditors demand letters had been sent to the student-grantees and guarantors as of March 2016.

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