Career & Education

JMMB lending up to $5.2 million to MSBM students

Sunday, April 07, 2019

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JMMB Bank and The University of the West Indies (UWI) Mona School of Business and Management (MSBM) have announced a partnership in which they will offer up to 100 per cent financing for postgraduate students in the department's programme, effective April 1.

The move, they said, is in response to the ongoing challenge faced by individuals to fund higher education, especially at the postgraduate level.

The loan 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.

JMMB Bank general manager for client partnership, Moya Leiba-Barnes, provided details.

“This unsecured loan facility will offer MSBM graduate students up to $5.2 million toward their tuition, with a flexible loan repayment plan. With this loan, students have the option to pay their tuition upfront or in up to three tranches, in line with the school's payment schedule and/or 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,” she explained.

The loan amount provided is dependent on the tuition cost of the student's programme and the amount for which he/she is qualifies, based on other financial obligations.

Students will have up to five years to repay at an interest rate of 15 per cent. They will also be required to pay a processing fee, starting at 1.5 per cent, but the bank stressed that there is no penalty for early repayment or foregoing use of a part of the loan amount approved.

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

Dr David McBean, executive director of MSBM, welcomed the partnership with JMMB Bank, notinsg that “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 auger well for increasing the pool of students who will be able to pursue higher education. 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.”

To access the loan, manager of client partnership Jerome Jarrett explained that the process should begin with an initial conversation with a JMMB Bank representative, submission of the necessary documentation — including income verification, tax registration number (TRN), proof of address, acceptance letter from MSBM, and completion of a loan application. The process typically takes three to seven business days after the submission of all the relevant documentation, he said.

The loan offering is the latest in a series of partnerships between the bank and the university over the years. Most recently, in 2016, JMMB Group signed a memorandum of understanding with the UWI in which it committed US$1 million, in the form of an endowment, to support scholarships to undergraduate and graduate MSBM students pursuing studies in business, management and accounting. The endowment will also provide funding for research undertaken by the school and for academic development.

Leiba-Barnes said this approach is in keeping with the financial institution's commitment to being in its clients' world and providing easy, seamless financial solutions that bring innovation to the market and addresses the gaps that exist. She indicated that the bank is looking forward to establishing similar partnerships with other local universities.

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