SLB To Charge Interest On Reducing Balance
By: , February 11, 2016The Key Point:
Photo: Melroy Sterling
Minister of Education, Rev. Hon. Ronald Thwaites (centre), is in discussion with Dentist, Dr. Brian Morgan (right) and Endodontist, Dr. Sashi Nallapati during the Jamaica Dental Association 52nd annual convention at the Jamaica Pegasus Hotel in New Kingston today (Feb.11).The Facts
- This will result in students paying 20 per cent less than they were previously charged.
- Approximately $4.2 billion in loans were disbursed to approximately 12,500 beneficiaries for the current academic year.
The Full Story
Effective April 1, the Students’ Loan Bureau (SLB) will be charging interest on the reducing loan balances for new and returning students.
This will result in students paying 20 per cent less than they were previously charged.
This was disclosed by Minister of Education, Rev. Hon. Ronald Thwaites, while highlighting the Government’s commitment and support to tertiary education during the opening ceremony for the Jamaica Dental Association 52nd annual convention at the Jamaica Pegasus Hotel in Kingston today (February 11).
He informed that approximately $4.2 billion in loans were disbursed to approximately 12,500 beneficiaries for the current academic year. He said that 93 per cent of applicants were successful in accessing a loan.
“The Students’ Loan Bureau has been able to achieve this because it has been recapitalised by inflows from an increased Education Tax, from contribution sourcing from the PetroCaribe Fund, a revolving loan from the HEART Trust/NTA, and increased collections from loan repayments,” the Education Minister said.
The bureau is now accepting applications for the 2016/17 academic year.
The SLB is Jamaica’s premier student loan-financing organisation committed to ensuring that qualified, needy Jamaican students have equal access to financial assistance to pursue tertiary education.
The entity, which began operations in 1970, was made a statutory body in 1971, and is empowered to issue loans covering a percentage of tuition fees to Jamaican students pursuing higher education at tertiary institutions.