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Students' Loan Bureau Amends Loan Policy
Posted: Tuesday | January 10, 2012

Students' Loan Bureau Amends Loan Policy

The Students' Loan Bureau (SLB) Council recently approved an amendment to the Loan Policy to ease the financial burden on beneficiaries and to encourage increased repayment.

The Policy Changes approved are as follows:

Increase in Loan Tenure

 

For new loans disbursed by the SLB commencing academic year 2012/13 under the Targeted Loan facility, the standard loan tenure will be extended to 15 years, from the current 10 years. The loan tenure will however be extended to a maximum of 20 years for persons who read for degrees in programmes that exceed the general 3-4 year duration and attract higher tuition costs.

 

For existing loans, the extension in tenure will be applied on a case by case basis as requested by the beneficiary.

 

 

Reduction in Insurance Charge

 

Effective January 2012, the insurance charge on loans will be reduced (for loans in both moratorium and repayment) to $0.60 per $1,000.00 of loan amounts (Targeted, Parent Plus and Post Graduate).  The amended policy allows for repayment insurance to be paid over the full repayment period of the loan, rather than the 24 months that previously obtained.

 

 

 

The Students' Loan Bureau continues to support the education of Jamaicans through the financing of higher education and as such encourage all beneficiaries to repay their loans so that the Revolving Fund can continue.

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