Williams bats for reformed SLB, saying it’s not a burden

WESTERN BUREAU:

Finance Minister Fayval Williams is urging tertiary students to become ambassadors for Jamaica’s student loan programme, saying outdated perceptions about the scheme could be preventing many potential recipients from accessing financing to pursue higher education.

Williams, who was speaking at the annual business seminar hosted by the University of Technology, Jamaica Western Campus at Sea Garden Beach Resort in Montego Bay, St James on Wednesday, said the outdated perceptions about the Students’ Loan Bureau (SLB) have emerged as a stumbling block to accessing higher education.

She went on to remind students and parents that the SLB has undergone significant reforms in recent times, making tertiary financing more accessible and less intimidating.

“When I speak with parents, they often recall negative experiences from 30 years ago, but the Students’ Loan Bureau of today is nothing like that,” said Williams. “We’ve removed the need for multiple guarantors, lowered interest rates, and extended repayment periods, to make education financing manageable.”

The SLB now covers tuition, books, and related academic costs, with repayment beginning only after graduation. Graduates can choose flexible repayment plans tailored to their income, ensuring that loans do not become a burden as they start their careers.

Williams urged students to become ambassadors for the programme by helping peers to understand that borrowing for education is an investment in the future, not a burden.

Beyond financing, Williams emphasised the value of collaboration in addressing national challenges and leveraging technology. She encouraged students to embrace teamwork and diversity of thought as tools for innovation.

“No man or woman is an island. When people bring together different perspectives, experiences, and skills, they generate ideas and solutions that no individual could achieve alone,” she said.

SHAPING THE FUTURE

She highlighted the role of emerging technologies, including artificial intelligence, in shaping Jamaica’s future, noting that partnerships among academia, government, and the private sector are critical to ensuring that innovation translates into real-world solutions in health, agriculture, education, finance, and public administration.

Williams also pointed to a US$70-million Inter-American Development Bank (IDB) loan, which is aimed at modernising government systems. She said UTech graduates will be needed to help implement integrated technology-enabled solutions in areas such as payroll, procurement, and financial management.

Williams went on to praise final-year students for conceptualising, organising, and executing the seminar, highlighting it as a model of experiential learning.

“This seminar is a special project for students which gives them hands-on business experience,” she said. “They handle everything from finance and marketing to securing high-level guests. They learn how to communicate, network, and lead under real-world pressures.”

Williams also noted that the experience goes beyond academic knowledge, instilling discipline, problem-solving skills, and professional etiquette. These skills, she said, will make graduates valuable contributors to Jamaica’s workforce and society.

“Your education is one of the most powerful investments you can make, not only in yourself, but in the future of our country,” she said. “Seize opportunities, invest in yourself, and take your rightful place as active participants in nation building.”

albert.ferguson@gleanerjm.com