Budget Debate: Reduction in Students’ Loan Bureau interest rates
KINGSTON, Jamaica — Minister of Finance and the Public Service, Dr Nigel Clarke today announced a lowering of interest rate for eligible borrowers with the Students’ Loan Bureau (SLB) effective at the start of the new financial year.
The minister who was making his contribution to the 2019/2020 Budget Debate at Gordon House said that those students in good standing will get a two percentage points reduction in interest rates.
The interest rate for post-graduate students will be lowered to 7.5 per cent down from 9.5 per cent, while Pay-As-You-Go loans have been lowered to four per cent from six per cent.
In the meantime, people with student loans working for a registered charity will get a 10 per cent reduction on loan for each year employed, the minister said.
