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After I have submitted my application for a loan can I change the school of choice, program or enrolment status?
Answer
Yes, once your loan is approved you may change the school of choice, programme or enrolment status stated on the application. An adjustment fee must be paid.
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Are there any penalties for early payment on a student loan?
Answer
No. There is no penalty. You can pay off your loan(s) at any time, even if you are still enrolled in school. You may also increase the size and frequency of your payment at any time.
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Can a retired person stand as a guarantor?
Answer
Guarantors must be between the ages of 18 and 60, inclusive,must have a valid TRN and must be permanently employed for at least a year. However, if your guarantor is over 60, he/she can be assessed to determine whether or not he/she is financially able to undertake the responsibility in the event of the beneficiary's delinquency.
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Can I apply for a student loan if I am a guarantor who has signed for an SLB applicant?
Answer
The beneficiary/ applicant must find another guarantor to sign for the loan in order for you to become eligible for loan. You may be allowed by special permission to apply but you cannot receive a loan unless you are released from the guarantor agreement. The beneficiary will simply have to find another guarantor to come in and sign the loan documents.
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Can I receive another student loan to do a second degree?
Answer
Yes. As long as you have repaid your previous loans or have satisfactory arrangements in place for its repayment prior to the completion of your second degree, you are free to apply for loans to do your second degree.
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Do I have to apply each year to SLB for a loan?
Answer
No. The SLB implemented a facility for programme approval in 2006, this entails loan approval for a student's entire course, as such; students do not need to re-apply each year. Returning students would instead be required to complete and submit a Status Report Form on the SLB's website for each application year at a cost subjected to annual review.
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Do students benefit from any other service in addition to tuition?
Answer
Yes. Students from low-income families may qualify for assistance under the Bureau's Grant-in-Aid programme, to assist with the cost of school related expenses. This is a gift and does not have to be repaid. The assessment conducted by the SLB determines eligibility.
For students studying overseas (i.e., campuses of the UWI) boarding grants are available. These too are non-repayable and assist students with boarding expenses.
If students are not awarded a Grant automatically through the Means Test, a letter may be written to the Executive Director, outlining the situation for consideration for the award of a GIA.
Institutions are also invited to submit the names of their students who they believe need additional assistance through a GIA.
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Do you fund Postgraduate programmes?
Answer
The SLB through collaborative efforts is able to offer postgraduate loans to students attending the University of the West Indies, University of Technology, Jamaica, Northern Caribbean University, The Institute of Management Sciences/Florida International University programme and University of New Orleans. Loans are available only to employed students at this time.
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Do you lend to persons who are not considered needy?
Answer
Yes. The SLB offers the Pay As You Study (PAYS) Loan. This is offered to facilitate persons who fall outside of the SLB's Targeted Loan’s eligibility criteria. Applicants who are experiencing difficulties sourcing tuition funds lump sum but are able to meet a specified payment plan can access this facility and pay monthly via salary deduction.
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Does SLB offer loans to students studying abroad?
Answer
SLB only offers funding for course being pursued locally or regionally (campuses of the UWI St. Augustine, Cave Hill or The Bahamas).
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Explain your evaluation process and the procedure an applicant goes through to get the loan.
Answer
Each application goes through a means test to ensure objectivity. Information is assessed for each applicant's household. This includes each member of the household, their income, the number of persons in the household attending secondary and tertiary institutions and two referees who are not members of the family and, two guarantors who are relatives or friends. All this information must be included in the SLB application form. (The per capita family income is calculated after exempting specific educational expenses, and is measured against a threshold).
The possible results are: approved for: (a) a loan (Targeted or Pay As You Study), (b) a loan and grant (c) declined.
On the completion of the evaluation procedures all applicants are advised via email of the outcome.
The SLB’s Interactive Voice Response is available 24 hours a day; you may call our IVR system at 619-4752 for information on your status as well. Approved applicants are urged to make appointments early for their guarantors and themselves to sign the necessary loan documents.
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How can I avoid the last minute rush to submit my application?
Answer
Apply early. Ensure that you complete and submit the application and supporting documents well before a month of the deadline.
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How can I ensure speedy disbursement of my loan?
Answer
This is easily done by properly completing the application form and submitting the required documents early.
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How can I repay my student loan?
Answer
There are several easy ways to repay:
1. Salary deduction orders,
2. Post-dated cheques,
3. Bankers orders,
4. Mail money orders,
5. Pay to SLB bank accounts at any BNS - Account No. (321516) or NCB Branches- Account No. (212656704)
6. Pay via TeleScotia, at any branch of Bill Express/Online http://www.billexpressonline.com" or
7.Pay directly at the SLB, Sagicor Sigma Building 1st & 2nd Floors 63-67 Knutsford Boulevard, Kingston 5.
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How many locations do you have?
Answer
The SLB currently has one office located at the Sagicor Sigma Building, 1st, 2nd & 8th Floors 63-67 Knutsford Boulevard, Kingston 5.
Despite this, the Students' Loan Bureau offers an out of town service - "SLB on the Road". Officers visit different parishes to conduct interviews and to collect documentation relevant to the application process. The dates change annually.
The SLB also has a facility offered annually at different institutions where applicants may drop off their documents to the officers stationed there. The institutions are changed annually.
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How much do I pay for insurance?
Answer
Insurance is calculated at a rate of $0.50 per thousand dollars borrowed times the number of months the applicant has remaining to complete the course of study, including the six (6) months grace period.
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Is there a limit on the number of loans I may receive?
Answer
The SLB may approve loans to finance up to five years tuition depending on the length of the programme. Most courses of study are three years these persons may receive up to three loans. Medical and Law students may receive up to five loans.
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Trace the development of the Students' Loan Bureau, providing information about its function and source of funding as a financial institution.
Answer
The Current Students' Loan programme, which commenced in July 1996, contrasts sharply with prior programmes, which were in place since its inception in the 1970s. Under the old system essentially everyone who applied got a loan for the full amount. Over 52,000 benefited between 1970 and March 1996 to the tune of JA$217,042,000. Additionally, since 1993 the BOJ in conjunction with the Bankers' Association embarked on an additional scheme. For the period June 1993 to March 1996, 13,074 students benefited. The current SLB programme was structured in July 1996 and was funded by a US$28.5 million five-year loan by the World Bank. Our main objective is to provide financial assistance for needy qualified students who are desirous of pursuing tertiary education.
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What are some of the possible reasons for disqualification?
Answer
Dishonesty: If a student is found to have manipulated the information presented with regards to the number or income of the members of the household, they will be disqualified from the loans process. The System is designed to assist students found to be in dire need. Therefore, students are encouraged at all times to present their circumstances honestly and accurately. (The manipulation of information will work against you). 'Beating the System': If a student applies for a student loan and also receives a grant, but during the school year accesses only the grant, he or she will be disqualified. The grant is provided to allow needy students to finish the school year, as alternative funding would not be available for their maintenance. The grant goes hand-in-hand with the student loan. Failure to utilize the loan suggests other available sources of income. A student who receives a scholarship/bursary or other financial assistance, which they had not initially disclosed, but was later identified by the SLB, will be disqualified; or immediate demand made of the loan received.
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What are the terms of repayment?
Answer
The loan repayment period is currently 15 years for persons studying programmes with a 3 or 4 years duration. For persons studying courses with a longer tenure and higher cost, the repayment period is 20 years which includes the years of study. A beneficiary does not have to repay the loan until six months after the scheduled end of the course. The loan will attract 9.5% interest on the reducing balance during repayment. This is a variable rate and may be reviewed from time to time.
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What does it mean when a student loan is conditionally approved?
Answer
Conditionally approved means that the loan has been approved pending the signing of the loan agreement documents by the applicant and guarantors as well as the submission of the letter of acceptance or examination results for students already enrolled in a tertiary institution.
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What happens if I do not complete my course of study in the stipulated time?
Answer
You may apply for a deferment of payment up to one year if you are still in school. However, conditions apply to this arrangement.
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What happens if my account is in default?
Answer
You have the option of restructuring your account. However conditions apply to this arrangement.
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What is the age limit on borrowing?
Answer
There is no set age limit on borrowing, however, the applicant must on completion of his/her course of study have 10 working years left before retirement; to ensure that the student loan is repaid.
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What is the rate of interest on Student Loans?
Answer
Targeted Loan for undergraduate studies
A dual interest regime has been implemented and interest rates are as follows :
7.8% reducing balancemethod on loans during the in school years (Moratorium period)/p>;
- 9.5% reducing balance on loans in the repayment stage (student graduated) .
Pay As You Study (PAYS) for undergradute studies
- 6% on the reducing balance method
Postgraudate Loans
- 9.5% on the redunging balance method
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What kind of programmes do you have in place, which are geared to towards public education?
Answer
We rely heavily on the electronic and print media to educate the public. In this regard, a numer of radio and television commercials and interviews have been done to date. News articles, 'advertorials' and advertising in general are frequently used. We visit schools and communities to do talks and partipate in college fairs, expositions, etc. The SLB is marketed by way of a numbers of brochures and information sheets.
The SLB also has a Facebook page and a Twitter account.
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What makes an individual eligible for a student loan?
Answer
All qualified Jamaicans who plan to pursue tertiary education but are unable to do so for reasons of finance should apply. He/she must be making satisfactory academic progress, or accepted to pursue an approved programme of study and must establish need.
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What measures are in place to ensure repayment?
Answer
Internally a team of trained professionals within our Loan servicing department have been assigned to recoup owed sums. We publish the names of delinquents in the local and international press. We also employ collection agencies to track down graduates at home and abroad. We have also taken a number of delinquents to court. Additionally, dialogue with guarantors has invariably proved helpful.
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What of the SLB and the future?
Answer
Our motto is 'In Pursuit of Excellence.' We aim to continue to provide quality service to all needy qualified (eligible) Jamaica students. We will be doing our best to achieve this mandate.
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What percentage of tuition do you fund?
Answer
Students approved for loans will get up to 100 percent of the cost of their tuition fees. For persons studying programmes which fall in the non sponsored category, the SLB funds up to the amount of the sponsored programme.
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What will happen if I decide to discontinue my course of study or have to repeat a year?
Answer
You will be required to start repaying your loan(s) immediately if you drop out of school. If you have to repeat a year the SLB will not fund the year you are repeating.
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When and how does one apply?
Answer
The application cycle begins each year between January and April. Application forms are completed electronically on the SLB's website- www.slbja.com. Applicants must read all instructions carefully before completing the form, and then submit the supporting documents requested by the Bureau.
Applicants will need two persons who will consent to guarantee their loan. Applicants are encouraged to contact the Bureau if they require additional information.
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When do I start repaying?
Answer
Repayment commences the January following the completion of your course of study.
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When will the funds be sent to the school?
Answer
The tuition is sent to the school as soon as the applicants and both guarantors have signed for the loan and all requested documents are submitted to the Bureau.
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Who can be a guarantor?
Answer
A guarantor must be:
•A Jamaican national or a Jamaican citizen resident in Jamaica for at least 5 years
•employed for at least 1 year in Jamaica
•Between 18 and 60 years old. Guarantors over ages sixty (60) may be accepted on a case by case basis based on their financial capabilities and fulfilling other stated criteria.
•Gainfully employed- whether formally or self employed
•In Possession of a Tax Registration Number (T.R.N.)
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Who can be a guarantor?
Answer
A guarantor must be:
•A resident Jamaican national or a Jamaican citizen resident in Jamaica for at least 5 years
•employed for at least 1 year in Jamaica
•Between 18 and 60 years old. Guarantors over ages sixty (60) may be accepted on a case by case basis based on their financial capabilities and fulfilling other stated criteria.
•Gainfully employed- whether formally or self employed
•In Possession of a Tax Registration Number (T.R.N.)
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Who is a delinquent?
Answer
If you have missed one or more student loan payments or have never paid any portion of your loan and have not contacted the SLB to clarify and provide supporting evidence of your inability to pay you are a delinquent.
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Who is the primary borrower of the loan?
Answer
The student is the primary borrower. Guarantors co-sign on the loan and are responsible for repaying the loans if the student defaults. All beneficiaries are required to repay loans in full with interest.
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Why do I need two guarantors?
Answer
SLB loans are unsecured loans this means that the applicant does not have to provide collateral. It is therefore necessary for the SLB to request cosigners to ensure that the loans are repaid.
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Why do i pay insurance?
Answer
There are two types of insurance premiums. (i) Moratorium insurance is paid each academic year, whereas (ii) Repayment insurance is paid at the commencement of the repayment period. Insurance protects you and the gurantors from liability in the event of your mental or physical incapacitation or death.
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Will the SLB fund a programme if an applicant is not fully matriculated?
Answer
The SLB only funds applicants who are fully matriculated to a course of study. If a programme requires that a student is to complete pre-requisites or courses/ additional subjects in order to be fully enrolled as a tertiary level student in the institution, the SLB will not fund the period/ year in which the student is completing the pre-requisites.
It must be noted that if your acceptance letter indicates that you are "Conditionally Accepted" or you are required to enter into "General Studies" or you can enter the programme "Pending" a grade in a particular subject, you are considered by the SLB to have not fully matriculated and as such will not be funded through the SLB.
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