KINGSTON, Jamaica – Government has sourced additional funds that will enable the Student Loan Bureau (SLB) to meet its loan demands totalling $4.6 billion for the new academic year.

The initial shortfall of $1 billion is being provided by a revolving loan of $500 million from another Government agency plus the full remittance of the increased education tax proceeds to the SLB in December.

Education Minister Ronald Thwaites made the disclosure Tuesday afternoon (September 23) while addressing a forum on Financing Tertiary Education at the University of the West Indies Mona.

The SLB has received 14,648 applications for the 2014/15 academic year, 59 per cent from returning students and 41 per cent from new applicants. In light of the availability of funds, Minister Thwaites indicated that the SLB was extending its application intake period and he advised students to still apply.

In addition, the Education Minister announced that the SLB was expanding its Parent Plus salary-deduction based loan by extending the repayment period to 60 months at 9 per cent interest rate on the reducing balance.  He also disclosed that for this academic year, the institution will disburse grants totaling $115 million to 2,600 students.