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SLB Loan Application Re-evaluation.
Posted: Tuesday | September 13, 2005

More Tertiary Students to benefit from SLB Loan Application Re-evaluation!

 

The Students’ Loan Bureau has embarked on an extensive re-evaluation of the portfolio of student loan applications this year, with a view to widening the approval net for more students needing urgent financing for tertiary education.

 

Of the 6,547 students who applied for SLB loans for the current academic year, the Bureau has approved nearly 92% of them for loans and grants to the tune of over $900 million. This bold move by the SLB to review the portfolio to include more students is coming at a time of rising college and university tuition fees and the general socio-economic difficulties facing many tertiary students.

 

The Bureau’s executive director, Lenice Barnett, points out that the review will be completed this week. “True to our mandate, we want to ensure that no needy student is denied the chance to fulfill the dream of higher education. We will inform the successful student applicants coming out of the re-evaluation beginning by the end of this week, affirmed the head of the SLB.

 

The Bureau will inform the successful student by ‘text messaging’ from their Oxford Road offices call centre operations. The SLB is also encouraging students still awaiting or unsure of the status of their applications, to get in touch with the Bureau for further information.

Students are required to act quickly as the interviews of loan guarantors will cease by the 7th of October.

 

In the meantime, the Bureau will be stepping up its campaign against delinquent borrowers by publishing another batch of names and photographs in the press and electronic media of “chronic” delinquent borrowers on Sunday, October 9th and November 6th.It is also considering publication in the foreign press.

 

Faced with increasing demand for financial support from current tertiary students, the SLB says it has to be relentless in its efforts to significantly reduce the levels of arrears, and to secure the viability of the revolving student loan fund, which is a self sustaining fund no longer receiving external assistance.

 

The SLB is still appealing to all beneficiaries, (and their families), with accounts in arrears or who may be in doubt about the status of their accounts, to contact its Loan Servicing Department immediately. Where necessary, they should make arrangements to settle outstanding balances. This is a call for honest and responsible action.

 

The SLB is also seeking the support of members of the public as well as Jamaican employers in its drive to collect. According to the executive director there is a collective benefit to be derived from greater collaboration.

 

 

 

 

 

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