The Jamaica Labour Party (JLP) plans to institute a Students’ Loan Bureau (SLB) policy where the loan will also cover accommodation, books, laptops, food, as well as other living expenses.

The JLP also plans to introduce an SLB debt reset policy for delinquents.

Foreign Affairs and Foreign Trade Minister, Kamina Johnson Smith, made the announcements as she responded to a question from Television Jamaica’s Romardo Lyons on initiatives that would be implemented to ensure that more young people have a taste of prosperity.

According to Johnson Smith, the JLP has already reduced interest rates for on loans accessed by students at SLB, and removed the requirement for guarantors.

“In our (the JLP’s) next term, we’ll not only institute the new policy, wherein students can have access to a loan, which covers not only tuition, but accommodation, books, laptops and food – living expenses,” she explained.

“More importantly, of course, as we touch on the issue of debt, we know that our young people sometimes get thrown a curve ball by life. That’s why the Jamaica Labour Party is not only going to expand the moratorium which already exists, but we will Institute the Student Loan Debt reset,” Johnson Smith added.

“Under that policy, we will be waiving for all delinquents’ accounts 100 per cent of penalties, 100 per cent of insurance charges, and 50 per cent interest arrears, ensuring a fresh start for those who just have had life take a wrong turn,” she elaborated.

For those students in good standing with SLB, the minister said they will be rewarded by receiving a credit to their account of $100,000.

“Those who, of course, are at the cusp of closing out their accounts, we will pay up to the amount required to close,” Johnson Smith said.