The Students’ Loan Bureau (SLB) of Jamaica has unveiled a comprehensive debt relief program offering substantial financial assistance to thousands of student borrowers affected by Hurricane Melissa. Executive Director Nickeisha Walsh announced the initiative during a post-Cabinet briefing at Jamaica House, outlining targeted support for both current students and repayment customers.
Immediate relief measures will benefit nearly 2,000 enrolled students and approximately 4,450 repayment customers across five severely impacted parishes: St Elizabeth, Westmoreland, Hanover, St James, and Trelawny. Current students will receive direct grants of J$60,000 to support their educational recovery efforts, while repayment customers will obtain a three-month payment deferral from November 2025 through January 2026.
The broader Debt Reset Programme, scheduled from December 1, 2026, to April 30, 2026, provides extensive financial waivers. Eligible borrowers can clear arrears through a 50% interest arrears waiver, complete elimination of accumulated charges, and full insurance fee waivers. Additionally, the SLB will credit J$100,000 to accounts of 8,890 borrowers maintaining good standing as an incentive for continued timely payments.
Walsh emphasized the program’s dual purpose: immediate hurricane recovery support and long-term debt sustainability. Borrowers who remain current for one year following debt reset participation will qualify for a permanent 2% interest rate reduction, substantially lowering their overall repayment burden.
The initiative comes as the SLB reports improved lending conditions, with borrowing rates dropping dramatically from 16% to just 3%. Current portfolio data indicates 35,360 active loans, including 11,634 delinquent accounts and 14,836 in moratorium status. Students outside the five designated parishes who experienced hurricane damage may still qualify for assistance through case-by-case evaluation.