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SLB begins student loan guarantor interviews…steadily evaluating over 7,000 tertiary loan applications for new school year.
Posted: Friday | August 11, 2006

Since June 5th, 2006 the Students’ Loan Bureau has commenced guarantor interviews, beginning with students whose loans have so far been evaluated and approved from the 7,192 applications received since mid-January.


Students must immediately begin making appointments for interviews of their guarantors by calling the Bureau on specially designated numbers as follows:
754-2548–50 or the general number 754-2559. Guarantor Interviews times have been extended to 6:30 p.m. to facilitate guarantors, after work hours.  Interviews can also be scheduled for Saturdays, commencing this Saturday July 8th, 2006. The guarantor interviews are critical for students seeking to complete the process for disbursement of tuition in time for the new academic year. All students are required, not just to make the appointment, but also to attend the interview with their two guarantors. The signing of all documents relevant to the process and the payment of the processing and insurance fees will be done then.

  The approval rate remains at well over 88 percent thereby continuing the trend of approvals for more than 8 out of every 10 person who applies for student loan financing.


Qualified, needy Jamaican students who apply for, and are approved for student loans, are not required to provide collateral. Notwithstanding, co-signers who are guaranteeing loans for students must ensure that the loans are repaid in full. 

It is very important that guarantors are carefully chosen and are clear on all their obligations prior to signing the loan documents.  The SLB takes every step to advise guarantors of their responsibilities and welcomes all questions on the process.   

Guarantor Guidelines & Responsibilities
Each borrower must have two guarantors who will agree to guarantee student loans until applicants have completed their repayments.  It is therefore vital that they be aware of all their obligations.

Generally, guarantors cannot be current beneficiaries of student loans. This means that a beneficiary who receives a loan and has not finished repaying same, cannot be a guarantor for another applicant. A guarantor cannot guarantee more than one person at time, except in the case of parents signing for more than one child. If both parents plan to guarantee their child, then a third guarantor must be found.  

Guarantors must ensure that some measure of contact will be maintained in the future.  This will provide assurance that the student is held accountable for repayment at the end of study or sooner should the student fail to complete his/her course of study.

Additionally, guarantors will be required to demonstrate their ability to guarantee these loans.
 

The guarantor interviews represent the second phase of the process. Students must not treat this step in the process lightly, and should ensure that they keep their interview appointments.

For further information:
Speak with Ms. Andrea Gray, Public Relations Officer, Students’ Loan Bureau,
Tel. 754-2559, Fax. 754-2552, e-mail: agray@slbja.com or info.@slbja.com

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