Student Loan Bureau (SLB)
Student Loan Bureau is the ultimate education loan facility in Jamaica! Statistics indicate that the demand for funding tertiary education is rising in Jamaica. That means that more persons are pursuing tertiary studies in the country. If only we could retain our educated population. Tertiary education is not cheap! Student loan debts speak for themselves! Tertiary education is one of the most important investments that you can make in yourself but what you do with your qualifications afterwards is up to you.
So unless Mommy and Daddy are funding your education or some other benefactor, unless you are working and putting yourself through, you will have to take out a loan from a financial institution. The go to place for most persons dreaming of financing higher education is the Students Loan Bureau (SLB).
The Student Loan Bureau offers student loan financing at the best rate of interest. With a 9% interest rate, long moratorium and full tuition financing. They can be classified are the premier student loan provider in Jamaica.
Student Loan Bureau also allow students to benefit from grant assistance to help cover school related expenses. The student loan bureau states that they work in close partnership with local approved universities and colleges to ensure that students have less running around and more time to commit to your studies.
Student Loan Bureau Beginnings
The Student Loan Bureau is Jamaica’s premier student loan financing organization committed to ensuring that qualified, needy Jamaican students have equal access to financial assistance to pursue tertiary education. The Student Loan Bureau began operation in 1970, was made a statutory body in 1971 and empowered to issue loans covering a percentage of tuition fees to Jamaican students pursuing higher education at tertiary institutions.
The Bureau is able to lend because of its revolving loan scheme. Students borrow today to repay at the end of their course of study to ensure that succeeding generations of students benefit from the fund. Consequently, repayment of all loans is vital to the viability of the scheme.
In excess of 10,000 students apply for loans annually, and on average 99% of these are successful in accessing an Student Loan Bureau loan. This means that more than 9 out of every 10 students who apply for financing from the Student Loan Bureau are successful.
The Student Loan Bureau Scholarship Notification Process
The Student Loan Bureau offers annual Grant-in-Aid to qualified student applicants. These Grant-in-Aid are a form of scholarship, which are offered to successful SLB loan applicants. Once a beneficiary receives a scholarship whether prior to or after having been approved for tuition funding from the SLB, he/she is required to inform the Student Loan Bureau of the scholarship in writing requesting a waiver. A copy of the scholarship offer letter must also be submitted. The SLB waiver policy as it relates to scholarships allows for the following:
- That the approved tuition loan from the SLB be reduced by 30% of the scholarship, or up to $100,000.00.
- Where the value of the scholarship is $100,000.00 or less, the student will be allowed to get a loan for the full tuition cost.
- Notwithstanding the above, a student may opt to receive a tuition loan that is less than the amount authorized by policy.
- Where the scholarship amount exceeds the tuition cost by 50% or more, no loan will be granted by the SLB.
- Where the scholarship is for non-tuition, school-related expenses, the SLB loan will be granted for the full tuition amount.
- Students who are awarded a scholarship waiver can also be eligible for Grant in Aid consideration.
Student Loan Bureau Grant-In-Aid
In addition to tuition loan funding, the SLB also provides additional education financing assistance under its specially designed Grant-In-Aid (GIA) programme. The GIA is a specified- non repayable sum offered to eligible applicants to assist them with the funding of school related expenses. Only full-time students qualify for Grant-In-Aid.
The assessment for the Grant-in-Aid is done through the Means Test which assesses the applicant’s level of need. Beneficiaries do not need to apply for a Grant- in- Aid. The award of a GIA is automatic if the applicant is assessed as being eligible.
When an applicant is approved for a grant, the SLB sends the total sum to the relevant tertiary institutions. The Grant sum is disbursed in two payments (one per semester). It is the school’s responsibility to remit the grant sum to students during the course of the school year.