Tue | Jan 28, 2020

SLB late fee excessive, punitive

Published:Wednesday | February 14, 2018 | 12:00 AM


I must commend the Students' Loan Bureau (SLB) for finally deciding to send its customers statements. It is a welcome move, especially for those customers who are very meticulous and love to be incredibly well informed.

On my statement, however, I have seen where I was charged a late payment fee for one time that I was late with my payment. This late fee does not only apply to late payments but also if one's payment is not received in full.

Notwithstanding that, I cannot seem to get their lunchtime advert out of my head: "SLB - where every dollar counts," which, in essence, is encouraging its clients to pay whatever they have. It is with this that one has to question the SLB's real stance on repayment. Is it that it is encouraging those who are not optimally employed to pay what they have on a monthly basis, or are you telling that same class of young professionals that if their payments are not received in full and on time, that late fee charges will be levied on their account?