KINGSTON, Jamaica— As of April 1, the Government says, only one guarantor will be needed to access a Student Loan Bureau (SLB) loan, down from the present two.

Minister of Finance and the Public Service, Dr Nigel Clarke made the announcement a short while ago during his presentation to the House of Representatives.

Clarke said that the requirement for two guarantors in order to qualify for a student loan is a hurdle that creates a disproportionate barrier to access for lower income families.

“Madam Speaker, it is in the public interest that the goal of accessibility be balanced by sustainability. The requirement of two guarantors was implemented to enhance the prospect of loan repayment, thereby supporting sustainability,” he said.

“Effective April 1, we will remove the need for two guarantors for student loans and will instead require only one guarantor for student loans,” the minister said.

Meanwhile Clarke said that during the 2020/21 fiscal year the SLB received almost 14,000 applications for student loans, a five per cent increase over the prior year.

He noted that of all those who applied for a loan 98 per cent were approved.

The minister also noted that interest rates on student loans have been lowered from as high as 12 per cent to four per cent for some loans, “and we are also forgiving portions of loans for persons working for registered charities.”

“All of these measures were designed to improve accessibility,” Clarke said.