Published On: Tue, Jul 22nd, 2014

UoC owes 15 million guilders

UniversityWILLEMSTAD - "The University of Curaçao (UoC) has not been able to meet its payment commitments for years." That was announced by the university yesterday. The academic institute has a debt of 15 million guilders with the APNA pension funds, social insurance bank SVB and the Tax Department.

"The APNA and the SVB have already announced they will start the process of seizure if the university does not meet their financial obligations,” the UoC said.

Financial problems

The university has been facing major financial problems for years. There would be, according to the training institute some issues underlying this accumulated debt. The government subsidy was reduced from 18 to 13.8 million guilders. Similarly, the accreditation by the Dutch Flemish Accreditation Organization (NVAO) has a high annual cost. The costs for 2015 and 2016 amounted to 1.3 million euro. The new rates for tuition according to the UoC would be relatively low compared to local private institutions of higher education and Dutch universities.

Tuition

In a press statement, the UoC emphasizes that it is not competent to establish tuition fees. "It is a statutory authority of the Minister of Education, Science, Culture and Sports (OWCS). They also indicate that the tuition has not been updated since 2008. Despite inflation, the large increase in the number of students and courses offered and the associated increase in operating expenses. "This has contributed to the annual losses of the university," according to the university.

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