Financial Literacy
Financial Literacy is the ability to understand and manage money wisely especially when taking and repaying student loans. Practically in employing healthy financial habits, students are empowered to make better financial decisions, avoid unnecessary deb and build a secure future. With the right knowledge, educational financing can be navigated with confidence. The Students Loan Bureau is here to provide guidance and support throughout every step of the journey, from loan advice to repayment support and general financial guidance. Speak with us today.
SLB Insight Newsletter
Open PDF →Tuition Financing
Financial support provided by the SLB to cover approved tuition costs.
Loan Product
A specific financing solution offered by the SLB.
Undergraduate Programme
A tertiary-level course of study leading to a first degree or equivalent qualification.
Postgraduate Programme
A tertiary-level course of study attained after a first degree or equivalent qualification.
STEM Programmes
Science, Technology, Engineering, and Mathematics programmes.
Targeted Loan
SLB's primary loan product where repayment begins after completion of study.
P.A.Y.S (Pay As You Study)
An SLB loan solution designed for employed individuals who can commence repayment while studying.
Postgraduate Loan
A financing solution offered to eligible persons pursuing postgraduate studies.
Borrower (Targeted Loan)
The individual legally responsible for repayment of the loan.
Principal Borrower (P.A.Y.S. Loan)
The employed individual legally responsible for repayment under the P.A.Y.S. loan facility.
Borrower (P.A.Y.S. Loan)
The student or beneficiary of the loan borrowed by the Principal Borrower. (Note: the Principal Borrower and Student can be the same person)
Principal Borrower (Postgraduate Loan)
The individual legally responsible for repayment of the loan.
Borrower (Postgraduate Loan)
The student or beneficiary of the loan borrowed by the Principal Borrower. (Note: the Principal Borrower and Student can be the same person)
Guarantor
A person who agrees to guarantee repayment of the loan if the borrower defaults.
Loan Number
A unique number assigned to each loan, used to make payments and track loan status.
TRN (Taxpayer Registration Number)
A mandatory identification number required for loan applications and related transactions.
Promissory Note
A legal agreement containing the borrower's written promise to repay the SLB.
Principal Balance
The original amount borrowed under the loan agreement, excluding interest and fees.
RBM (Reduced Balance Method)
A method of interest calculation where interest is charged on the outstanding balance after payments are applied.
In-School Interest
Interest that accrues on a loan while the borrower is still enrolled in school.
Repayment Interest Rate
The percentage charged on the outstanding loan balance for the use of borrowed funds.
Loan Moratorium
The in-school period during which repayment is deferred for eligible loan products.
Loan Repayment Period
The timeframe established for borrowers to repay their loans after completion of study.
Certificate of Agreement for Coverage
An insurance-related document outlining the terms for loan coverage in cases such as death or disability.
Moratorium Insurance
Insurance paid during the in-school or moratorium phase of the loan.
Repayment Insurance
Insurance included as part of the borrower's monthly repayment during the repayment phase.
Default
The failure to make loan repayments as agreed under the loan contract.
Delinquent Loan
A loan account where scheduled payments are overdue.
Past Due Balance or Arrears
Outstanding loan payments that are overdue based on the repayment agreement.
Current Loan
A loan account that is active and not delinquent, with repayments being made in accordance with agreed terms.
Debt Collector (Bailiff Action)
A third-party agency or individual engaged by the SLB to contact delinquent borrowers and facilitate loan recovery activities.
Attorney (Legal Action)
A third-party agency or individual engaged by the SLB to pursue delinquent borrowers through court action.
Commission Charge
Additional amount charged if a loan is referred for Bailiff or Legal action.
Late Fee
A charge applied to a loan account when scheduled repayments are not made by the required due date.
Loan Rehabilitation
Loan rehabilitation
The process of bringing a delinquent loan account back into good standing by clearing arrears or meeting the requirements of an approved repayment arrangement.
Loan Restructuring
A formal adjustment to a borrower's repayment arrangement.
Graduation Date Extension
An approved adjustment to a borrower's expected graduation date.
Repayment Agreement
An agreement between the borrower and the SLB to repay outstanding arrears over a specified period while continuing to make the regular monthly loan repayment.
Customer Portal (STEEP)
SLB's online portal used by applicants and borrowers to apply for loans, upload documents, monitor balances, and manage repayments.
Debt Reset Programme
A loan regularization initiative that allows delinquent borrowers to receive waivers or adjusted repayment arrangements.
Good Standing
A loan account that is current or within the acceptable arrears threshold established by the SLB.
Good Standing Benefit
A benefit granted to qualifying borrowers who maintain required academic or repayment standards.
Principal Payment
Application to use excess payments on loans that are current and up to date to pay down principal balances.
Loan Closure
The process by which a loan account is fully repaid and formally closed.
Refund
The repayment of excess funds to a customer after all outstanding loan obligations have been settled and the account has been reconciled.
Loan Statement
An official summary of a borrower's loan account showing balances, payments, interest charges, fees, arrears status, and transaction history.
Salary Deduction Order
A document authorizing loan repayments to be deducted directly from salary by an employer.
Status Letter
Official letter addressed to customers stating loan balances, loan performance and monthly instalment.
Credit Report
Official letter addressed to financial institutions stating loan balances, loan performance and monthly instalment.
Guarantor Change
Service offered to replace guarantor for current loans.
Data Subject Request
Service offered to allow customers to request information on record at the SLB.
Revocation Order
Request to stop a Salary Deduction Order.
SLB Online Payment Portal
Secure online payments using debit or credit cards.
Commercial Banks
Payments may be made at participating bank branches.
Online Banking
Transfers through participating financial institutions.
Salary Deduction
Available through participating employers.
Payroll Deduction
Applicable where an employer has an agreement with the Bureau.
Direct Deposit / Electronic Transfer
Payments deposited directly into the Bureau's designated bank account.
Bill Payment Services
Through approved banking bill payment platforms.
Cashier (SLB Office)
Payments made in person at the Bureau's cashier.