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Student Loan Bureau
The more I pay SLB, the more I owe
Published: Thursday | August 26, 2010 0 Comments and 0 Reactions
The Editor, Sir:
I am a graduate of a university in Jamaica. During the academic years 1999-2000 and 2001-2002, I borrowed a total of $261,178 from the Students' Loan Bureau (SLB). At graduation in 2004, interest accrued put my total debt at $372,028.08. To date, I have repaid $757,500. If I close the deal by August 30, 2010, I am required to pay an additional $206,000.
The total amount I will repay will be $963,000. This seem a bit exorbitant to me. I know that I have defaulted sometimes because I am working abroad; but I usually pay a lump sum. The method of calculation seems flawed to me.
It seems as if I am paying for other borrowers who do not think it is necessary to repay. I have, on several occasions, written letters and visited the office. I am never able to get an audience with the manager. I am frustrated and broke. I can't keep giving the SLB so much money. It appears to me that the more money I pay, the more I owe. The SLB has held me hostage. There are so many things I want to do in life, but the SLB always take precedence. I do not want to be like so many others who are delinquent. I desperately want to clear my loan but no one is willing to work with me so that I can do so quickly.
Grateful for support
My mother, a single parent with other children, could not afford to pay my tuition fees. As a result, I was happy and grateful that the SLB was willing to lend me a part of my tuition fee. The funds I received enabled me to get a tertiary education. Without this help, only God knows what would have happened to me in deep rural St Catherine.
Is there an organisation to which I could take my problems? Do I continue to pay out these large sums to the SLB with no end in sight? I know I am not the only one in this predicament, so why is it that people keep so quiet about the evils of the SLB? Sir, Keeping silent and being delinquent is not the answer. The SLB needs to be revamped.
I am, etc.,
CANDACE HAYWOOD
Grand Turk
Turks and Caicos Islands
Published: Thursday | August 26, 2010 0 Comments and 0 Reactions
The Editor, Sir:
I am a graduate of a university in Jamaica. During the academic years 1999-2000 and 2001-2002, I borrowed a total of $261,178 from the Students' Loan Bureau (SLB). At graduation in 2004, interest accrued put my total debt at $372,028.08. To date, I have repaid $757,500. If I close the deal by August 30, 2010, I am required to pay an additional $206,000.
The total amount I will repay will be $963,000. This seem a bit exorbitant to me. I know that I have defaulted sometimes because I am working abroad; but I usually pay a lump sum. The method of calculation seems flawed to me.
It seems as if I am paying for other borrowers who do not think it is necessary to repay. I have, on several occasions, written letters and visited the office. I am never able to get an audience with the manager. I am frustrated and broke. I can't keep giving the SLB so much money. It appears to me that the more money I pay, the more I owe. The SLB has held me hostage. There are so many things I want to do in life, but the SLB always take precedence. I do not want to be like so many others who are delinquent. I desperately want to clear my loan but no one is willing to work with me so that I can do so quickly.
Grateful for support
My mother, a single parent with other children, could not afford to pay my tuition fees. As a result, I was happy and grateful that the SLB was willing to lend me a part of my tuition fee. The funds I received enabled me to get a tertiary education. Without this help, only God knows what would have happened to me in deep rural St Catherine.
Is there an organisation to which I could take my problems? Do I continue to pay out these large sums to the SLB with no end in sight? I know I am not the only one in this predicament, so why is it that people keep so quiet about the evils of the SLB? Sir, Keeping silent and being delinquent is not the answer. The SLB needs to be revamped.
I am, etc.,
CANDACE HAYWOOD
Grand Turk
Turks and Caicos Islands
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