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Kingston, Jamaica (McN) — In the opening of the Budget Debate for the fiscal year 2017-18, Minister of Finance Hon. Audley Shaw, disclosed to the House of Representatives that the Student Loan Bureau (SLB) will be reducing their interest rates.
Min Shaw while stating that human development in Jamaica is in “crises.” He pointed out that “more purposeful, a more deliberate and a more willful approach” must be taken to rescue Jamaican young people.
“We have to rescue our young people. If we rescue the young people we rescue our future, and that’s what we have to do.” Minister of Finance, Audley Shaw, in his address to the House of Representative.
Drop in Student Loan Interest Rate
Finance Minister Shaw told the House that “Pay as You Study Loans,” will receive a drop in interest rate from 9.5 % to 6%. “Post Graduate Loans” will be reduced from 13% to 9.5 %.
Students studying in the areas of maritime, logistics, engineering, agriculture and ICT will have a reduction from 9.5% to 6%.