SLB projected to disburse $5.2 billion in loans this year
Approximately $5.2 billion in Students’ Loan Bureau (SLB) tertiary education funding support is projected for disbursement to eligible applicants this year.
According to the 2019/20 Jamaica Public Bodies Estimates of Revenue and Expenditure, the figure is $251 million more than the sum for the Student Revolving Loan Fund (SRLF) during the 2018/19 fiscal year.
The document indicates that sources for this year’s funding include government provisions through the Special Education Tax and Grant-in-Aid, with the latter projected to be approximately $150 million.
Other revenue streams and their projected inflows include loan interest and penalties – $3.29 billion; bad debt recovery – $318 million; interest on investment – $136 million; application and processing fees – $48 million; and miscellaneous income – $13 million.
Meanwhile, the SLB is slated to continue implementing several initiatives this year which are aimed at achieving and maintaining operational efficiency, viability, and enhanced public perception and awareness.
In a bid to improve public awareness, the bureau will be targeting high school students preparing for tertiary education so as to sensitise them about the funding options available for various programmes of study.
The SLB projects a net operational surplus of approximately $1.19 billion for 2019/20 and an increase in the staff complement by three, to 108, over the course of the year.