SLB Making Student Financing Easier for All Jamaicans

The Students’ Loan Bureau (SLB) is reassuring Jamaicans that accessing its financial products has never been easier, thanks to a streamlined online application system and flexible repayment options.

These enhancements reflect the SLB’s sustained commitment to expanding access to tertiary education, particularly for individuals who have historically faced financial barriers.

Executive Director, Nickeisha Walsh, told JIS News that the SLB’s online portal now allows applicants to monitor their loan applications in real time.

“It is easy access [to] apply for the loan. When you go online and you put in your information [and] upload the documentation, you’ll get an e-mail notification telling you where you are in the process and where your loan is, in terms of approval,” she explained.

Ms. Walsh noted that, upon loan approval, applicants are able to download and sign their contract documents.

While physical signatures are currently required, the SLB is actively reviewing this aspect of the process for the 2025/26 period.

The Executive Director also addressed misconceptions surrounding high interest rates, emphasising that SLB loans remain the most affordable financing option available to tertiary-level students in Jamaica.

“SLB has the lowest interest rate. SLB gives you the ability to access a loan without having any challenge. You do not need a guarantor anymore. Your loan is unsecured, which means you do not have to think about putting up a house and or car as security,” she stated.

Students enrolled in science, technology, engineering and mathematics (STEM) programmes automatically benefit from reduced loan rates, with additional discounts available for academic excellence and for applicants whose parents are employed in the public sector.

“If they are on a STEM programme, they automatically get a six per cent repayment interest rate. If their parent is employed in the public sector, that’s a reduction of one per cent, so the interest rate now becomes five per cent. If they do well in school, that’s a reduction of two per cent… so that’s three per cent,” she disclosed.

Students pursuing non-STEM disciplines also benefit from affordable interest rates.

“The moratorium interest rate is 7.8 per cent. If their parent is employed in the public sector, that’s a one per cent discount [down to] 6.8 per cent; and if it is that you are doing well in school, that’s a [further] two per cent discount [to] 4.8 per cent,” the Executive Director said.

Ms. Walsh reassured parents and students that SLB loans are structured to support a smooth transition from study to employment, offering an extended grace period before repayment commences.

“We have extended moratorium, which means when your child graduates, they don’t have the anxiety [of thinking that] ‘my student loan is due now’. They have 14 months to seek employment before the loan becomes due. We are here to support you in every single way, from your application to your prepayment,” she stated.

Ms. Walsh encourages families to view SLB loans, not merely as financial support but as strategic investments in their children’s future

“A loan from SLB is not a burden. It’s really an opportunity to get or create the life that you imagine for yourself… to achieve [a] goal,” she said.