Wed | Feb 26, 2020

JMMB Bank partners with UWI/MSBM to provide postgraduate loans

Published:Friday | April 12, 2019 | 12:07 AM
Moya Leiba-Barnes, JMMB Bank general manager in charge of client partnership.

JMMB Bank and The UWI/ Mona School of Business and Management (MSBM) have forged a partnership to offer up to 100 per cent financing for postgraduate students.

The partnership, which took effect on April 1, is in response to the ongoing challenge faced by individuals to fund higher education, especially at the postgraduate level, where individuals are seeking to propel their careers and remain on the cutting edge of their fields.

In sharing further details of this special JMMB graduate loan, JMMB Bank general manager in charge of client partnership, Moya Leiba-Barnes, said the unsecured loan facility will offer MSBM graduate students up to J$5.2 million towards their tuition, with a flexible loan repayment plan.

With this loan, students have the option to pay their tuition up front or in up to three tranches in line with the school’s payment schedule and/or at their own convenience. This has the benefit of making repayment more affordable, since interest is only applicable on the amount paid over to the institution.

“We believe that this innovative approach creates an opportunity for individuals to better manage their finances and forgo the burden of high-interest debt, thereby allowing them to achieve their goal of a higher education and other future goals, such as homeownership and wealth accumulation.”

The loan amount provided is, of course, dependent on the tuition cost of the student’s programme and the amount they qualify for, based on other financial obligations.

Students will have up to five years to repay this loan at a special low interest rate of 15 per cent and a low processing fee, starting at 1.5 per cent. There is no penalty for early repayment or forgoing the use of a part of the loan amount approved.

Incentive to pursue graduate studies

Dr David McBean, executive director, MSBM, welcomed the partnership with JMMB Bank, saying the decision to pursue graduate studies is an investment.

“We recognise that many qualified prospective students of our programmes are often hampered by the lack of financing for graduate studies and therefore, this solution from JMMB will augur well for increasing the pool of students who will be able to pursue higher education,” McBean said.

“We are always seeking ways to enhance the experience of our students and this partnership is another expression of this. We therefore encourage both prospective and current students to take advantage of this opportunity to finance their programmes, as they pursue our globally competitive graduate programmes,” he added.

The special JMMB graduate loan offer is available to new and/or returning students enrolled in the MSBM’s master of business administration, master of business management, master of science and doctoral programmes.

Jerome Jarrett, manager for client partnership, JMMB Bank, explained that in order for individuals to access this unsecured education loan, the process should begin with an initial conversation with a JMMB Bank representative, submission of the necessary documentation, including income verification, tax registration number, proof of address, acceptance letter from MSBM, and the completion of a loan application. The process is typically completed within three to seven business days, after the submission of all the relevant documentation.