MONTEGO BAY, St James — Minister of Finance and the Public Service Fayval Williams has made an appeal to students not to shy away from taking on debt to finance their education.

“Many of you, when you leave here [graduate], you’re going to think nothing of paying high interest rates on a loan to buy a car or even paying higher interest rates via your credit card. But then when we engage you about student loan, it’s as if we’re putting a massive burden on you when it’s investment in your education,” she said.

The minister was speaking Wednesday to business school students during the University of Technology, Jamaica’s (UTech) 2025/2026 Western Campus Seminar held at Sea Gardens Beach Resort in Montego Bay

Williams, who pointed out that Students’ Loan Bureau (SLB) interest rates are in the single digits, underscored the importance of higher education as a pathway to national development.

“Your education is one of the most powerful investments you can make, not only in your own [future] but in the future of our country,” she said.

“Each lecture attended, each examination passed, and each qualification earned brings you one step closer to realising your academic dreams and unlocking your full potential,” the minister added.

She sought to dispel long-held negative perceptions about the SLB by pointing out that it has evolved significantly over the last three decades.

“The SLB is not the same as it was 30 years ago. Once upon a time you had to go find three guarantors… The Government is saying now you don’t have to, there’s no need for a guarantor,” Williams said.

She noted that while unflattering perceptions of SLB still prevail among some parents, those views are outdated.

“When I talk to parents about student loan, they have such a negative feeling about it. I think they’re still stuck in 30 years ago when it was a horrible experience to engage with the then Students’ Loan Bureau. Things have changed a lot,” the minister insisted.

“It’s not the same Students’ Loan Bureau of your mother or your father’s age, [it is] one that we want students to engage with more,” she added.

She pointed to improved loan terms which are now at three per cent, down from as high as 16 per cent.

“The interest rates on the loans are quite low and you have a long time period over which to pay. When you leave school and have to repay that, it will not be a burden,” she explained.

The finance minister also highlighted the limited availability of scholarships, urging students to consider loans as an option.

“I’m really serious about that, because there are not enough scholarships for students that would fill a gap,” Williams insisted.

She also urged students to help spread the word about the SLB.

“I want you to be ambassadors for the Students’ Loan Bureau. We put up billions [of dollars] into that to ensure that there are funds available for our students,” Williams appealed.

She also hammered home what she said is “the Government’s unwavering commitment to ensuring that no Jamaican is denied access to tertiary education due to financial constraints”.

Wednesday’s seminar, held under the theme “Bridging Minds, Building Futures: Igniting Innovation through Collaboration”, brought together business students to explore pathways for academic and professional growth.

In bringing greetings, deputy mayor of Montego Bay Dwight “Debo” Crawford said the theme “is more than a title, it is a reminder of how progress actually happens”.

“No single institution, profession, or generation builds the future alone. It happens when ideas meet experience. When curiosity meets opportunity. When leadership makes room for new voices at the table,” Crawford noted.

“Students bring fresh thinking and bold questions. Industry leaders bring knowledge earned through experience. Innovators bring the courage to challenge what already exists. When those strengths connect, real change begins,” he added.

Students and other stakeholders in attendance at the University of Technology, Jamaica’s 2025/2026 Western Campus Seminar at Sea Gardens Beach Resort in Montego Bay on Wednesday.Horace Hines

Deputy mayor of Montego Bay, Councillor Dwight ‘Debo’ Crawford speaking during the University of Technology, Jamaica’s 2025/2026 Western Campus Seminar at Sea Gardens Beach Resort in Montego Bay on Wednesday. (Photo: Horace Hines)