SLB Projects To Disburse $5.9 Billion This Fiscal Year

The Students’ Loan Bureau (SLB) is projecting to disburse approximately $5.94 billion to eligible applicants during fiscal year 2022/23, to finance undergraduate and postgraduate studies, up from $5.33 billion last year.

This is according to the Estimates of Revenue and Expenditure for the Year ending March 2023.

The document indicates that the SLB will continue to provide funding through three loan products – Targeted Loans, Pay-As-You-Study (PAYS) Loans, and Postgraduate Loans.

Targeted Loans comprise approximately 99 per cent of the loan portfolio and benefits from extended moratorium periods (in-school years) before repayment.

The PAYS and Postgraduate products do not have the moratorium feature and are earmarked for growing the portfolio.

These products will be aligned with the shift in changes in the academic sphere, and target short, certified, online, and professional programmes.

The Public Bodies Estimates indicates that plans are in place to employ several initiatives to strengthen its customer engagement strategies.

These include implementing a loan management system to enhance collection and reduce delinquency.

Other initiatives being continued include restructuring of loans to facilitate lower monthly payments, the income contingency approach to facilitate more affordable monthly payments, and increased use of debt collectors/bailiffs and litigation to curtail delinquency.

These strategies are expected to yield a two per cent reduction in the delinquency rate.

To increase the number of beneficiaries/applicants, the SLB will increase/enhance its public education and marketing strategies, with the expectation of creating positive public perception, improved customer satisfaction, and brand and product awareness.

The ultimate objective is for the SLB to be positioned as the institution of choice for tertiary-education loans.

The Students’ Loan Bureau, an agency of the Ministry of Finance and the Public Service, was incorporated as a statutory body under the Students’ Loan Fund Act in 1971.

Its functions include the provision of loans or grants, in its absolute discretion, to approved students and administration of the Students’ Revolving Loan Fund, which was established under the Act.