Students Loan Bureau secures additional funds for current academic year
Tertiary students still without funding for this academic year are being urged to apply to the Students Loan Bureau (SLB) as the agency has now secured additional money.
Education Minister, Ronald Thwaites announced yesterday that the Government has sourced additional funds that will enable the SLB to meet its loan demands totalling $4.6 billion for the new academic year.
He says the initial shortfall of $1 billion is being provided by a revolving loan of 500 million dollars from another Government agency plus the full remittance of the increased education tax proceeds to the SLB in December.
Thwaites says as a result of the additional funds, the SLB is extending its application intake period.
In addition, Thwaites says the SLB is expanding its Parent Plus salary-deduction based loan by extending the repayment period to 60 months at nine per cent interest rate on the reducing balance.
The SLB will also disburse grants totaling $115 million to 2,600 students.
Thwaites made the announcements yesterday afternoon while addressing a forum on Financing Tertiary Education at the University of the West Indies, Mona.
WATCH: THE GLEANER MINUTE