SLB reports 100 per cent increase in collection
The Students' Loan Bureau (SLB) has increased collections by more than 100 per cent over the last four years, moving from approximately $1 billion in the 2011-12 financial year to $2.1 billion for 2015-16.
This was revealed by chairman of the SLB Council, Anthony Lewars, at a function held on Monday at the National Heroes Circle offices of the Ministry of Finance and Planning, where the HEART Trust/NTA handed over of a cheque for $100 million to the SLB.
He said the increase in collections is "thanks to (the) beneficiaries, who continue to realise the importance of paying back loans so that others can benefit."
The revolving loan facility has, in recent times, implemented a number of strategies to better accommodate loan repayment and the needs of beneficiaries, including extending the loan tenure from 10 to 15 years, and 20 years for persons with longer in-school tenures and higher tuition fees.
The guarantor requirement has also been changed from two to one.
"We have (also) decreased insurance rates from 60 cents per $1,000 loan borrowed to 50 cents per $1,000 loan borrowed," Lewars said, adding that for beneficiaries of the Programme of Advancement through Health and Education, the interest rate is one per cent lower than standard rates.