KINGSTON, Jamaica — The University of the Commonwealth Caribbean (UCC) and the Student’s Loan Bureau (SLB) have signed an Memorandum of Understanding (MoU) to increase efficiency in the offering of loan services to UCC students, according to a release from the university.

UCC said under the memorandum of understanding (MOU), both organisations will seek to mutually promote effectiveness and efficiency in the services offered to beneficiaries or students.

Among the steps to be taken under the agreement are a compiling of a comprehensive database of UCC students who are SLB beneficiaries and the establishment of a reliable system of tracking beneficiaries to aid in minimising the level of delinquency.

The release said the agreement would also seek to ensure the speedy processing of applications and disbursement of funds to students.

UCC also said it will assist in the collection of the required documents and verification of affixed signatures of their students who are SLB loan applicants.

To further facilitate the process, the SLB will provide a checklist of the relevant documents to UCC and an electronic listing of UCC applicants. At the end of each day, UCC said it will electronically provide SLB with a list of students for whom documents have been certified.

Additionally, specimen signatures will be provided to the SLB for the authorised UCC personnel to enable verification. The physical documents will be packaged and furnished to SLB within one business day. Students may, however opt to go directly to SLB to drop of their documents.

UCC said this facilitation would enable students to get to a ‘D’ status, prior to the end of the registration period and enable follow up by UCC with those students with status below a ‘D’ to get them to bring in the relevant documents to expedite the process.

Professor Dennis Gayle, Executive Chancellor of UCC noted that the MOU established a basis upon which UCC students would be able to register for the entire programme of study selected then proceed to make steady academic progress towards graduation. He pointed out that programme registration had been shown to enhance student enrollment, retention and graduation, while also providing institutional benefits.

The SLB said the partnership with the UCC to facilitate increased information sharing will result in more timely processing of loan applications and greater efficiencies in the disbursement of loan funds on behalf of the students. 

The agency said that the agreement would serve to benefit all parties — the students, UCC and SLB.