Some borrowers of the Students Loan Bureau, SLB, are to benefit from reductions in interest rates.
Finance Minister, Audley Shaw, says the interest rates for persons on the ‘Pay As You Study’ programme will fall from 9.5-percent to 6-percent.
Minister Shaw made the announcement yesterday as he opened the budget debate in the House of Representatives.
There’ll also be reductions in interest rates on postgraduate loans.
There’ll also be cuts in the interest rates for those pursuing maritime, logistics, agriculture, engineering, and ICT studies.
Minister Shaw did not say when the reductions will take effect. But he says this is part of measures to tackle what he describes as the country ‘human development crisis’.