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A Statement from the Students’ Loan Bureau Interest Rates on SLB Loans
Posted: Friday | August 11, 2006

The Students’ Loan Bureau as a matter of course reviews the applicable rate of interest on an annual basis. The interest rates are variable and are therefore subject to this review. In that regard last year there was a reduction in interest rates to be applied to all loans disbursed 2005 and beyond. The loans disbursed before maintained the 16% rate. The SLB being cognisant of the present economic climate and in the interest of our borrowers has agreed to make the 12 % rate applicable to all portfolios, both new and existing. This rate becomes effective September 1,2006 on the latter loans.

It is expected that this development will not only bolster repayment but should reduce our delinquency levels significantly thus further enhancing the fund. The scheme operates on a revolving loan basis and is dependent on repayments for its sustenance. The decision to reduce interest rates on old loans is being hailed by the beneficiaries as a step in the right direction, especially by those borrowers who have the intent to repay but are currently experiencing challenges with the repayment of their loans.


Importantly however, we must note that the rates are applicable to interest charges generated September 2006 and beyond. It behoves our borrowers therefore to ensure that the payments required prior to September 2006 are paid,

 

as they will not be affected by the reduction. The reduction applies to payments required for September 2006 and beyond.


The Students’ Loan Bureau remains committed to ensuring the viability of the Students’ Loan Revolving fund from which all loans are disbursed annually.


We remain the premier lending institution for students and we assure the public that the greatest facility for student financing resides with the SLB.

Sincerely,


Lenice Barnett
Executive Director, Students’ Loan Bureau

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