Benefits

Benefits

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:

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.

Good Standing

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.

Grant-In-Aid (GIA)

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.