New debtors of the Scholar Mortgage Bureau (SLB) within the upcoming tutorial yr in September will get extra time to pay again their loans.
As a substitute of 5 or seven years to repay, college students pursuing tertiary research can have 10 years settle the loans.
This was introduced by Finance Minister Fayval Williams in opening the finances debate in parliament for the 2025-2026 monetary yr.
“For the upcoming September 2025 college yr, this authorities, via the Scholar Mortgage Bureau, will probably be providing new college students an extended reimbursement interval of 10 years, as a substitute of the present seven and 5 years on two of its merchandise. The charges will stay the identical, which means they won’t enhance regardless of the longer reimbursement interval,” she mentioned.
Williams added that the Authorities is “dedicated to overhauling” the coed mortgage system and can collaborate with the native assume tank Caribbean Coverage Analysis Institute to pursue the mandatory reforms, that are anticipated to be applied in September 2026.
She revealed that among the key modifications into consideration embody elevated mortgage quantities and disbursements that might cowl not solely tuition but additionally housing, books, different provides, laptop computer prices, and meal stipends.
“We’re dedicated to a significant discount in rates of interest on the varied loans,” she added, noting that the introduction of the longer reimbursement interval is simply step one in a broader reform plan.
– Jovan Johnson
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