SLB appeals to customers to take advantage of Debt Rest initiative

The Students’ Loan Bureau (SLB) is appealing to its customers who have not yet taken advantage of their Debt Rest initiative to go to their website and make the application.

The call came at a Jamaica Information Service (JIS) Think Tank on August 24, as representatives from the bureau gave an update on the status of the programme since its launch last year.

This initiative enables the targeted loan product borrowers to regularise their loan accounts through structured repayment arrangements and targeted financial relief, including waivers on late fees, insurance charges and interest arrears.

Manager of the Debt Recovery Unit in the Client Relationship Management Services Department at the SLB, Owin Watson, told the Think Tank that with the programme being extended to December 31, 2026, borrowers should grab the opportunity to settle or significantly reduce their loans.

“We encourage our customers who have not yet applied to go on the website and apply. We believe it is a very good opportunity to rehabilitate your loans, to ensure that you can repair your credit rating and to ensure that you are repaying your loan in a satisfactory way,” he said.

Watson disclosed that to date more than 8,000 customers who qualify for the ‘good standing’ component of the initiative have applied. Good standing applies to those customers whose accounts have been current up to October 31, 2025.

“The good standing customers have received a credit of up to $100,000 directly applied to their loans. To date, these credits would have already been applied to the tune of $834 million. 8,552 customers would have benefited directly,” he said.

Meanwhile, Debt Recovery Unit Supervisor at the SLB, Corneilus Hylton, also told the JIS Think Tank that close to 4,000 delinquent customers have received waivers under the programme.

“Benefits for delinquent customers include waivers of 100 per cent of insurance charges, 100 per cent of late fees and 50 per cent of accumulated interest arrears once they apply. As of July 31, 2026, just under 4,000 customers have benefited from the delinquent aspect, with approximately $300 million in waivers,” Hylton noted.

Both speakers underscored the importance of seizing the remaining five months of the programme, with Watson noting that the SLB has budgeted approximately $2 billion for the initiative.

“The new deadline is December 31, 2026. Initially the deadline was April 30. There may be customers who are not aware that there's been an extension. We want to encourage you to visit our website and apply, access the benefits. This is a once-in-a-lifetime opportunity. It's not out of reach. It's very easy to apply. Go on, explore the opportunities, try to resolve your loans,” Watson said.

- JIS

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