SLB urges customers to use Debt Rest initiative before 2026 deadline

The Students’ Loan Bureau (SLB) is extending a critical appeal to its customers in Jamaica: take advantage of the Debt Rest initiative before its December 31, 2026 deadline. This program offers a significant opportunity for borrowers to regularize their loan accounts through structured repayment arrangements and targeted financial relief.

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We encourage our customers who have not yet applied to go on the website and apply. We believe it is a very good opportunity to rehabilitate your loans, to ensure that you can repair your credit rating and to ensure that you are repaying your loan in a satisfactory way.

Launched last year, the initiative provides waivers on late fees, insurance charges, and interest arrears. Owin Watson, Manager of the Debt Recovery Unit, emphasized the program's value in rehabilitating loans, repairing credit ratings, and enabling satisfactory repayment. He highlighted that the initiative has been extended, and customers should seize this chance to settle or reduce their loan balances.

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The good standing customers have received a credit of up to $100,000 directly applied to their loans. To date, these credits would have already been applied to the tune of $834 million. 8,552 customers would have benefited directly.

So far, over 8,000 customers in 'good standing', meaning their accounts were current up to October 31, 2025, have applied. These customers have received credits up to $100,000, totaling $834 million. Additionally, nearly 4,000 delinquent customers have benefited from waivers under the program, receiving 100% waivers on insurance charges and late fees, and 50% off accumulated interest arrears. These waivers have amounted to approximately $300 million.

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Benefits for delinquent customers include waivers of 100 per cent of insurance charges, 100 per cent of late fees and 50 per cent of accumulated interest arrears once they apply. As of July 31, 2026, just under 4,000 customers have benefited from the delinquent aspect, with approximately $300 million in waivers.

Both Watson and Debt Recovery Unit Supervisor Corneilus Hylton stressed the importance of acting within the remaining five months. Watson noted that the SLB has budgeted around $2 billion for the initiative, calling it a "once-in-a-lifetime opportunity." He encouraged potential applicants to visit the SLB website to explore the options and resolve their loans.

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The new deadline is December 31, 2026. Initially the deadline was April 30. There may be customers who are not aware that there's been an extension. We want to encourage you to visit our website and apply, access the benefits. This is a once-in-a-lifetime opportunity. It's not out of reach. It's very easy to apply. Go on, explore the opportunities, try to resolve your loans.