Officials are calling for the Education Loan Authority (ELA) board to be completely scrapped, basically infering that the organisation is too corrupt to save.
They call it restructuring, but the reality is that two-thirds of the debt managed by the ELA is in default and there is no organisational structure and no proper accounting in place.
Too many of the board memebrs have their hands in the pot and relations between board members are too cozy.
The ELA Act authorises the Governor-General “by instrument in writing” to revoke the appointment of any member of the ELA if he “thinks it expedient so to do.” And it certainly is.
The loan scheme is a complete waste of taxpayer money and once again highlights the incredible amount of corruption in the public sector.
