The Jamaica Labour Party,JLP, is promising to introduce a tax-free University Savings Account where parents can save for tertiary education without the burden of taxes.

This was among the promises included in the JLP’s Manifesto that was launched this morning during a virtual press conference.

Finance Minister, Dr. Nigel Clarke made the disclosure while speaking on the 6 pillar of its recovery plan- Education.

Among its other promises linked to the education sector are a reform of the Student Loan Bureau, erasing the digital divide and the establishment of 6 STEM institutions and a performing arts high school.

Finance Minister, Dr. Nigel Clarke says a JLP-administration will be reducing the interest rate on Student loans by 1%.

Dr. Clarke say the moratorium period for students leaving University will also be extended.

Dr. Nigel Clarke, Finance Minister.

The repayment terms for new student loans will also be lengthened for15 to 25 years in particular degree categories such as nursing to ensure lower monthly payments.