Loan sharks prospering because of MSU students

Loan sharks prospering because of MSU students
Published: 2012 May 07 04:14:16 (3409 Views)
A number of Midlands State University students are defaulting in their payment of fees as they are spinning their cash to loan sharks and micro-finance institutions in the city of Gweru, MSU Pro-Vice Chancellor, Professor Rungano Zvobgo has said.

Prof Zvobgo said most parents were playing their duty of sending fees to their children on time only for the students to divert the cash.

"A number of loan sharks in Senga and Nehosho as well as some micro-finance institutions are prospering because of our students. Most of the students who engage in the money spinning games end up failing to pay their fees on time as the loan sharks fail to pay them back. This is how some of our students default in settling their fees," he said.



Prof Zvobgo warned the students to desist from engaging in money spinning games, as it is risky.

He said the development was partly to blame for some students' delays in registering.

"Such students at times manage to get all their money back with interest but it would be too late for them to register. They end up paying up the full fees but it would be well after the deadline had elapsed. The students would be aware of the closing dates for registration but they still go ahead to pay out of fear of their parents," said Prof Zvobgo.

He said the students end up cooking up stories for their parents and guardians when they fail to sit for their end-of-semester examinations.

"Recently, we had a student whose parent in Brazil phoned the Vice-Chancellor complaining. She demanded to know why her daughter was not sitting for her end of semester exams. The Vice Chancellor

summoned the girl to his office and put his office phone on loud speaker. He then asked the parent to repeat her story after telling her that her daughter was now in his office. When the mother asked why the girl had been barred from sitting for her end-of-semester examinations, the VC asked her to respond to the question and the girl could not answer her. She then managed to stammer that she had given her cash to loan sharks in a bid to make an extra dollar and was still to get the money back. This is what some of the students are doing," he said.

MSU has over 12 000 students who undertake various degree studies under the conventional and parallel arrangement. A number of them attend the visiting school, which mostly caters for professionals.

- Zimpapers
Tags: MSU,
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