Justified repayment plans by Student Loan bureau for extended graduation dates.
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Often times, students from tertiary institutions experience difficulty during their pursuit of various degrees, which hinder their progress at a certain point, example, financial strains, death of a loved one, or other valid issues that set them back hence an extension in their graduation date. Most students who request an extension from the Student Loan Bureau Jamaica are denied and are required to make repayments prior to leaving the institution for which they needed the loan to attend. In particular, professional degrees such as law, medicine, dentistry, nursing, where the loan amounts are over half a million per year, the late fees attracted are well over 1 million per year. This, in addition to the capitalized amount from the actual loan that was burrowed along with other late fees amount to unreasonable and unreachable loan amounts to be re-payed once the student finally completes his/her degree. So, for example, a medical student who receives 2.5 million from the SLB in total with a graduation date extension for a year, will be required to pay approximately 4 million in total because of being in repayment for a year while still in school. Some consideration is needed especially for those students with higher loan amounts to begin with; and those students who are not trying to be purposefully delinquent and look forward to making practical agreements on starting to repay their loans. If it is the student loan definitely cannot accommodate the extensions at all, then we suggest a solid reasonable fine amount (based on the amount that is burrowed) be charged to accounts per year. It is sad that the professionals of tomorrow who are by the way, ethically bound to repaying their loans and being deemed decent citizens to hold licenses to practice medicine or law cannot be accommodated by the largest financial loan institution in Jamaica in this regard.
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