Improvement in Collections by SLB
By: , April 18, 2014The Key Point:
The Facts
- Minister Phillips informed that there has been a marked improvement in the number of borrowers willing to meet their repayment obligations.
- He said this could be attributed to the fact that many borrowers are now much more aware that “how they treat with their loan obligations will determine their credit history".
The Full Story
Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says there has been a significant improvement in the level of collections by the Students’ Loan Bureau (SLB).
Opening the 2014/15 Budget Debate in the House of Representatives on April 17, Minister Phillips informed that there has been a marked improvement in the number of borrowers willing to meet their repayment obligations.
He said this could be attributed to the fact that many borrowers are now much more aware that “how they treat with their loan obligations will determine their credit history and affect their capacity to borrow from other institutions.”
Dr. Phillips said the SLB and its Board have been charged to collect from those who borrow, so that another generation may receive the benefits due to them.
In the meantime, the Finance Minister emphasised that it is important that Government settles “the whole question of how it finances tertiary education.”
He said the Government must explore other means of providing support to students who aspire to higher learning. These options include work-study programmes within the public and private sectors as well as the provision of additional financial products to the educational market by private financial institutions.