New SLB borrowers to get more time to repay loans

New borrowers of the Student Loan Bureau (SLB) in the upcoming academic year in September will get more time to pay back their loans.

Instead of five or seven years to repay, students pursuing tertiary studies will have 10 years settle the loans.

This was announced by Finance Minister Fayval Williams in opening the budget debate in parliament for the 2025-2026 financial year.

"For the upcoming September 2025 school year, this government, through the Student Loan Bureau, will be offering new students a longer repayment period of 10 years, instead of the current seven and five years on two of its products. The rates will remain the same, meaning they will not increase despite the longer repayment period," she said.

Williams added that the Government is "committed to overhauling" the student loan system and will collaborate with the local think tank Caribbean Policy Research Institute to pursue the necessary reforms, which are expected to be implemented in September 2026.

She revealed that some of the key changes under consideration include increased loan amounts and disbursements that would cover not only tuition but also housing, books, other supplies, laptop costs, and meal stipends.

"We are committed to a meaningful reduction in interest rates on the various loans," she added, noting that the introduction of the longer repayment period is just the first step in a broader reform plan.

- Jovan Johnson

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