SLB Urges Borrowers to Repay Loans

The Students’ Loan Bureau (SLB) is urging employed borrowers to honour their repayment obligations, noting that a significant number of persons who are working are still not making payments on their student loans.

Executive Director of the SLB, Nickeisha Walsh, said data from the Tax Administration Jamaica (TAJ) database show that 87 per cent of borrowers are employed, yet 38 per cent made no payments in 2026.

Ms. Walsh noted that the situation is concerning, as the funds collected from repayments are used to support other students.

“What we’re doing is making the fund available so somebody else can have an opportunity,” she said.

Ms. Walsh was speaking on Thursday (October 1) at the University of the West Indies (UWI) Mona Graduate Studies Seminar, under the theme ‘Financing Higher Education in Jamaica’.

She acknowledged that some borrowers face genuine financial difficulties but said others have the capacity to pay and fail to communicate with the Bureau.

“Ability to pay is not the same as willingness to pay,” she stated.

Ms. Walsh noted that borrowers may face genuine financial challenges, including underemployment, self-employment, income instability and competing obligations, adding that, “hardship can be real but the communication is what matters most”.

She encouraged borrowers experiencing difficulties to contact the SLB early, rather than allowing interest, late fees and other charges to accumulate.

“Engage early. Don’t wait until the interest is added up, the late fees are added up, and it’s now outsourced to a debt collector,” Ms. Walsh advised.

She explained that the Bureau has several mechanisms to assist borrowers, including repayment arrangements, lump-sum arrangements and extensions for students who are unable to complete their studies because of circumstances such as illness or death in the family.

Ms. Walsh also highlighted the SLB’s debt-reset programme, which provides relief on certain interest and insurance arrears.

She encouraged persons who are behind on their payments to contact the Bureau to make arrangements, pointing out that failure to maintain payments can also affect a borrower’s credit score, as the SLB is required by law to report delinquent accounts.

Ms. Walsh said borrowers should also take responsibility for understanding their loan agreements, repayment dates and outstanding balances.

“Before you borrow, you need to know what your loan balances are. Understand the terms and condition,” she said.

She noted that borrowers have 14 months after completing their studies before repayment becomes due, but they can begin making payments before that period ends.

Meanwhile, the Executive Director is encouraging graduates to consider employment opportunities outside their field of study, while seeking jobs in their chosen profession.

“Don’t wait until the law job comes or whatever you study comes. Just take advantage of the first opportunity because somebody is depending on you for every dollar that you pay,” she said.

The SLB has funded more than 390,000 students over its 55-year history and disbursed more than $68 billion in student loans.

Ms. Walsh urged borrowers to engage with the Bureau when they encounter challenges, noting that assistance is available to help persons return their accounts to good standing.

“We are people, not monsters… . Come in and speak to us, and we’ll see your circumstance and we’ll work with you,” she said.