Grant-in-Aid – In addition to offering the most competitive loan products in Jamaica, the Students’ Loan Bureau also provides a number of benefits for applicants who fall into any of the following categories. One of such benefit is the Student Loan Bureau’s Grant-in-Aid. The following categories outline the various group that will benefit from this Grant-in-Aid programme.
Public Sector Worker
Children of Public Sector workers receive a 1% reduction in the interest rate during the moratorium (in school period) and in repayment. Additionally, a 35% discount will be applied to the loan application processing fee.
Programme of Advancement Through Health and Education (PATH)
Applicants who are beneficiaries of the PATH programme will receive a 35% reduction in the processing fee.
Jamaica Values & Attitude Programme JAMVAT
The SLB finances 70% of the tuition cost for students who participate in the JAMVAT programme. The remaining 30% is funded by the Ministry of Education.
Moratorium (In school) Customers: Returning loan applicants who maintain a GPA of 2.5 or higher will benefit from a 2% reduction in the interest rate.
Repayment Customers: Targeted loan recipients whose repayment are current or no more than thirty (30) days in arrears, will enjoy a reduction in the interest rate by 2%.
Registered Charities*: Full-time employees at any registered charity working for a minimum of one (1) year and whose loan account(s) is/are current or no more than thirty (30) days in arrears are eligible for a 10% debt forgiveness on their loan.
*The organisation must be active and registered by the Department of Cooperatives and Friendly Societies and the Companies Office of Jamaica.
Science, Technology, Engineering and Mathematics (STEM) Programmes: Borrowers pursuing any of the STEM programmes under the Targeted Loan solution will be offered a fixed interest rate of 6% during the moratorium and repayment period. These programmes include, Logistics, Maritime, Engineering, Agriculture, Information & Communication Technology.
All applicants are assessed to determine eligibility for a grant. Successful candidates will receive a non- repayable grant of Fifty Thousand Dollars ($50,000.00) per academic year and is intended to assist with school-related expenses.
Ward of State: All wards of the state are exempted from the guarantor requirement.
Source: The Student Loan Bureau’s website – SLB’s Grant Programme (Grant-in-Aid)