Holness Announces Major Overhaul of Student Loan Bureau to Ease Financial Burden on Students

Kingston, Jamaica – Prime Minister Andrew Holness has announced a significant reform of Jamaica’s Student Loan Bureau (SLB), set to take effect by September 2026. The overhaul aims to make higher education more accessible by expanding loan coverage, reducing interest rates, and extending repayment periods for students.

Holness outlined the government’s commitment to ensuring that no Jamaican student is held back from pursuing tertiary education due to financial constraints. Under the new measures, student loans will cover not only tuition fees but also housing, books, supplies, laptops, and even meal stipends.

Additionally, students will benefit from lower interest rates and a more flexible repayment structure. Instead of the current repayment terms of five to seven years, new borrowers will have up to ten years to repay their loans. The initiative is expected to provide much-needed relief to students and their families, making it easier for graduates to manage their financial obligations without excessive pressure.

Education is the key to opportunity, and no Jamaican student should be held back because of financial barriers. That’s why your government is committed to a major overhaul of the Student Loan Bureau (SLB) by September 2026.

We will increase loan amounts to cover not just… pic.twitter.com/Dm9IFiTgkD

— Andrew Holness (@AndrewHolnessJM) March 13, 2025

This announcement comes as part of the government’s broader efforts to invest in education and human capital development, reinforcing Holness’s stance that “education is the key to opportunity.” The reforms align with the administration’s commitment to fostering a knowledge-based economy and reducing financial barriers to tertiary education.

The changes to the SLB will be rolled out gradually, with the full implementation expected by September 2026. Further details on the new loan structure and eligibility criteria will be provided in the coming months.

The government’s commitment to making education more affordable has been well received by stakeholders in the education sector, who see the reforms as a step toward greater equity and opportunity for Jamaican students.

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