The Editor, Sir:

After reading The Gleaner and realising the high delinquency rate at the Students' Loan Bureau (SLB), I felt the need to offer my input.

Students need to realise what they are getting into before signing off on a loan agreement. Far too many students don't have any idea of the amount of money they will have to repay the SLB when they have completed their studies. This is one reason why they think the SLB is a rip-off to poor people. However, the SLB is the only organisation that will lend money at 12 per cent reducing balance and give at least three and a half years to start repayment. Students need to realise that they have to pay interest for those years for which they weren't paying. It does add up.

SLB there to help

Those persons who are complaining need to try to get a loan from one of our commercial banks then they will see that the SLB is really there to help.

Students need to realise that they can start paying their loans before the SLB writes to them telling them to do so. This will reduce their monthly payment and make them more flexible with the payments.

Students must realise that they have borrowed the money already and the quicker they pay it off the less they will end up paying.

Another thing that students need to look at is their financial status, area of study and the tertiary institutions that offer their courses. Too often we opt for the name-brand universities that are very expensive and then we complain. Take for example going to Northern Caribbean University to do teaching instead of doing the same course at Churches Teachers' College. Do you know how much you could have saved?

Sometimes the problem is not the SLB but the uninformed choices that students make. I must admit that some students are really unable to pay, but those who can must pay.

Others need the help too, so don't send the agency into bankruptcy. Pay your loan and learn from your mistake.

Finally, I must say that the SLB needs to educate borrowers more on how much they might have to pay back after finishing school. Most students obviously can't do the maths. Tell them so they can make more informed decisions

I am, etc.,

E. COLEMAN

daintyangel21@yahoo.com

St Mary