SLB launches Debt Reset Programme

 

The Ministry of Finance has rolled out the new Students' Loan Bureau (SLB) Debt Reset Programme. 

 

It follows an election pledge made by the Jamaica Labour Party in August when it announced that students with SLB loans in good standing would receive a one-off grant of $100,000. 

 

The new programme is expected to provide financial relief and encourage more students to access SLB funding.

 

"The Debt Reset Programme is an opportunity for our students to reduce their loan balances, eliminate accumulated charges and establish a more sustainable path towards loan repayment. This initiative supports customers both in good standing and those in arrears," said Nickeisha Walsh, Executive Director of the Students' Loan Bureau, who was addressing Wednesday morning's post-cabinet press briefing on Hurricane Melissa recovery efforts.

 

Apart from the $100,000 grant to students in good standing, the programme will also offer a rehabilitation path to allow students in arrears to get back on track with loan repayments.

 

"What it will do, it will allow the students to clear their arrears by SLB offering a 50 per cent waiver on your interest arrears, 100 per cent waiver on your charges and 100 per cent on your insurance fees," she noted. 

 

Delinquent students will have a five-month window to pay the full amount of their principal arrears and the other 50 per cent of their interest arrears to be brought current.

 

The SLB says the Debt Reset Programme will be open to delinquent and current repayment customers as at October 31. The period to apply is from December 1, 2025 to April 30, 2026.  

 

At Wednesday's post-cabinet press briefing, Finance Minister Fayval Williams said despite the disruption caused by Hurricane Melissa, the government has honoured its commitment. 

 

Minister Williams, who is also Member of Parliament for St. Andrew Eastern, said many students seeking help for tertiary studies are still hesitant to approach the Student Loan Bureau, often because of fear or misinformation about the application process.

 

"The Student Loan Bureau is not your mother or your father's Student Loan Bureau. Yes, it's a new SLB, new offices, comfortable location, new information technology. Those days in which you could not get your loan balance and you had to think about getting in a taxi to go to Student Loan and try to get that, those days are over!" she asserted.

 

"To date, our interest is as low as 3 per cent moving from as high as 16 per cent. At this stage of our transformation, the next critical step is advancing our digital capabilities to improve access, enhance communication channels and strengthen partnership across the education ecosystem," said Ms. Walsh. 

 

She added that the SLB's new STEEP customer portal will allow students to register online, access their accounts, view their loan date, make payments on the loan, and print statements.