Borrowers Can Benefit from Flexible Payment Arrangements Through SLB Debt Reset Initiative

Borrowers who apply for the Students’ Loan Bureau (SLB) Debt Reset initiative will benefit from flexible payment arrangements to aid in settling their loans.

Speaking at a Jamaica Information Service (JIS) Think Tank on August 24, Debt Recovery Unit Supervisor at the SLB, Corneilus Hylton, said the Bureau will not penalise borrowers who make payments that differ from their agreed monthly amounts.

“Customers who select a Debt Reset plan are not required to adhere strictly to the stipulated monthly payment schedule. Customers will not be penalised for making payments that differ from the scheduled amount agreed, provided that the agreed settlement amount is paid in full or by the settlement date,” Mr. Hylton said.

“This means that customers may make higher, lower or irregular payments during the period based on their individual circumstances while maintaining the benefit of the agreed settlement arrangement as long as the full settlement amount is completed by the agreed date,” Mr. Hylton continued.

For his part, Manager of Debt Recovery and Client Services at the SLB, Owin Watson, said the Bureau introduced the flexible arrangement to accommodate the financial circumstances of its customers.

“We don’t want the programme to appear regimental. The objective is to ensure that customers settle as at the end date of the plan. So, for example, if you select December, and let’s say your monthly payment is $100,000 per month for five months, if you miss September, October, and November, but settle the amount in full come December, you will still get the benefits of the waiver that would be applied,” Mr. Watson said.

While the Debt Reset programme allows for this kind of flexibility, the SLB is still encouraging borrowers to be responsible and regular in making their loan payments, because this will ensure that borrowers maintain a good payment record, which can impact their credit score when seeking to conduct business with other financial institutions.

The flexible payment arrangement in the Debt Reset programme is meant to give eligible customers an opportunity to regularise their accounts as quickly as possible while being considerate of their financial circumstances.

The SLB Debt Reset initiative enables targeted loan product borrowers to regularise their loan accounts through structured repayment arrangements and targeted financial relief, including waivers on late fees, insurance charges and interest arrears.

The programme ends on December 31, 2026, following an extension from April this year. Eligible borrowers can benefit from a 100 per cent waiver of late fees and insurance charges, as well as a 50 per cent waiver of interest arrears as at October 31, 2025, once the required portion of the outstanding arrears is paid within the programme period.

In addition, borrowers with accounts in ‘good standing’ as at October 31, 2025, can benefit from a one-time credit of up to $100,000 applied directly to their loan principal.