UnderGrad Loan   |   PostGrad Loan

    

Approved Institutions | Who is Eligible?  | Conditions  | Security | Repayment | Processing Fee | Insurance  | Application Process |  Required Documents For Principal Borrower  |  Required Documents For Dependent Student  | Guarantor Requirements And Documents | Disbursement
Can ...
Finance the tuition of dependent and/or employed part-time students Supplement students' loan amounts, scholarships, bursaries and grants in order to adequately cover the cost of attending tertiary institutions
For ...
Applicants who knowingly or unknowingly fall outside of the SLB's target of needy Jamaican students and seek to access the Bureau's competitive loan rates. Applicants who have been approved for loan only and need additional assistance to cover their basic living expenses. Applicants who experience difficulty sourcing funds for the lump sum tuition payment but are able to meet a specified payment plan. OR Students who may be experiencing some temporary cash flow problems and need to source funds to cover all or a part of their cost of studying.
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Approved institutions
All ministry approved institutions. Other acredited institutions may be considered.
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Who is eligible?
Parents/Guardians/Friends who have undergraduate students who are fully maintained by them. Spouses of married undergraduate students Employed part-time undergraduate students Parents/Guardians/Friends and spouses may access a Parent Plus loan to finance the cost of tertairy education for their children/wards and wives/husbands. In these instances they (Parents/Guardians/Friends and spouses) are the principal borrower. The student on whose behalf the loan is approved must be making satisfactory academic pogress in his/her programme of study. Make good students will be accommodated. Parents/Guardians/Friends, spouses and employed part-time students accessing this product must be: Jamaican citizens possessing a valid TRN Be between the ages of 18 and 60 years inclusive and employed. Cannot be guarantors for students whose loans are in repayment at the time of application or during an academic
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Conditions
Parents/Guardians/Friends and spouses may access a Parent Plus loan to finance the cost of tertiary education for their children/wards and wives/husbands. In these instances they (Parents/Guardians/Friends and spouses) are the principal borrower. The student on whose behalf the loan is approved must be making satisfactory academic progress in his/her programme of study. Make good students will be accommodated. Parents/Guardians/Friends, spouses and employed part-time students accessing this product must be: Jamaican citizens possessing a valid TRN be between the ages of 18 - 60 years inclusive and employed. cannot be guarantors for students whose loans are in repayment at the time of application or during the life of the loan. Features of SLB Parent Plus Loan Limits and Duration The principal borrower can access a maximum of 5 Parent Plus loans for his/her child/ward/spouse/self during that student's programme of study. The principal borrower can only have one (1) active Parent Plus loan during an academic year. Loan Amount l The loan amount is pegged to the tuition fees and the Bureau's grant-in-aid amount at the respective tertiary institutions. The loan amount can be no less than $25,000.00 and no more than the sum of the tuition and grant-in-aid for the programme of study at the respective tertiary institution.
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Security
Two guarantors are required for each loan. The guarantors are equally liable for the loan and must demonstrate the ability to immediately service the loan. The principal borrower and the dependent student of Parent Plus loans are insured at the rate of $2.00 per thousand dollars borrowed under the Bureau's insurance scheme. In the event that the principal borrower and/or the dependent student are not eligible for coverage, the guarantors must indemnify the SLB from possible loss. Interest Rate and Repayment Interest Rate
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Interest Rate and Repayment
The interest is variable and is calculated using the add-on principle. The principal borrower will be given forty-five (45) days notice of any impending upward change in the rate of interest beyond the initial interest rate. 12% add-on: With a repayment period of 1 to 36 months There is no moratorium period. Repayment of the loan has to be completed before the student graduates. A Parent Plus loan must be repaid in full before any further loans can be disbursed
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Processing Fees
There is a non-refundable processing fee of $4,000.00 Processing fees are paid when the loan application is submitted.
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Insurance
An insurance premium at the rate of $2.00 per $1,000.00 borrowed over the tenure of the loan has to be paid when the loan application is submitted.
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Application Process
There is no specific application period. Parent Plus applications may be submitted throughout the calendar year.  Purchase the Parent Plus application form, complete and submit to the SLB with the required documents, processing and insurance fees. Currently, a Parent Plus Application costs $700.00.
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Required Documents for Principal Borrower
Tax Registration Number (TRN) and Certified copy of Birth Certificate A Passport size photograph certified by a JP  Two photo identifications one of which must be a Passport or Drivers Licence Valid work identification Last three pay slips Last three utility bills - water, electricity, telephone Two letters of recommendation Credit Reference Job Letter Letter from employer confirming their  facilitation of salary deduction orders (subject to discretion).
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Required Documents for Dependent Student
Acceptance letter and/or status letter from tertiary institution of dependent student Student Identification (if any) Tax Registration Number (TRN) Certified copy of Birth Certificate Passport size photograph certified by a JP Guarantor
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Guarantor Requirements and Documents
A guarantor must be: Jamaican national living in Jamaica Between 18 and 60 years old A responsible individual In good health Formally employed In possession of  a TRN The required documents are: Two photo identifications one of which must be a Passport or Drivers Licence Income verification (last three pay slips) Letter from employer confirming their facilitation of salary deduction orders (subject to discretion) NB. Guarantors must be employed in their current job for at least one year. Guarantor’s place of employment must facilitate salary deductions.
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Disbursement
Loan amounts will be disbursed to the respective tertiary institutions.
*For SLB ParentPlus Loans, submit your applications directly to dedicated SLB PostGrad loan officers Ms. Rowena Wedderburn, Ms. Nikel Taylor or Mrs. Melanie Miller. These officers can be reached at  876-754-2559 .
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UnderGrad Loan   |  Post Grad Loan