Tue | Sep 25, 2018

SLB sees decline in loan applicants

Published:Tuesday | September 22, 2015 | 1:00 PMStaff Reporter
In this 2005 file photo, loan applicants wait outside the Students' Loan Bureau offices in New Kingston.

Fewer Jamaican students have applied for tertiary loans from the Students Loan Bureau (SLB).

The SLB is indicating that it received 14,845 applications for the 2014/15 academic year.

The agency points out that last academic year it received 15,297 applications for 2013/14.

The SLB says it has also seen a decline in loan disbursements made by the agency.

It points out that the number of loans disbursed for the 2014/15 academic year came in at 11,024 with a total value of $3.4 billion.

This is down from 11,512 loans valued at $3.5 billion in 2013/14.

The SLB explains that the final figure was calculated after persons cancelled loan applications for various reasons including the receipt of scholarships.

Meanwhile, the SLB says it continues to face the problem of delinquent borrowers with 24.26 per cent of loans past due for 90 days or more.

With a total amount of $15.4 billion in loans disbursed as at March 2014, 50.11 per cent or seven billion of this amount is categorised as being inactive repayment.

The SLB says it continues to pursue a number of initiatives to deal with the delinquency.