The Student Loan Bureau (SLB) is the primary institution in Jamaica that issues loans to financially disadvantaged individuals who wish to pursue post-secondary education. However, despite playing a crucial role in realizing the dreams of thousands of students annually, it lags in using the online space to accommodate loan repayment.
We live in a world where many services offered and delivered in one location have transitioned to online, where people can access them anywhere and anytime. Of course, the SLB has made steps to offer many of its services online, but it still needs to do more regarding implementing online payment options for loan recipients living overseas. Despite publicizing the amount in delinquent loans and demanding its recovery (The Gleaner, 2018), the institution does not have reasonable, clear, accessible options to receive payments from people overseas.
Jamaicans with delinquent loans are all over the world, not just in the United States. Respectfully, it is unconscientious to publish articles threatening to name and shame individuals in arrears and not provide adequate accessible payment options to individuals overseas who decide to settle their loans. Furthermore, some SLB representatives do not have any customer service skills, consequently, they fail to interact with clients professionally.
Clark’s story
Clark, a loan recipient, living overseas told Jamaica Unfiltered that an individual with the SLB legal team reached out to his guarantors in Jamaica to serve an order to settle his delinquent loan in court. Clark stated that he decided to settle the matter out of court, however, the person working on his case was unprofessional. Clarke explained that the SLB representative’s background was always busy; she didn’t take the time to explain the status of the loan, the work she does and who she works for; she seemed uninterested and was rude in answering questions that would allow for the recovery of the loan; and she did not provide any information on how to make payments, except telling him to look on the SLB website to see what overseas payment options were available.
Clark told Jamaica Unfiltered that after checking the SLB website, he saw a PDF document with a direct deposit payment option, seemingly for people in the USA, which the SLB representative confirmed to be correct. Clark was not living in the US, consequently, that payment option did not work for him. Clark later reached out to the SLB representative who told him that was the only option available. The SLB representative failed to provide further assistance although she wanted proof of payment promptly. Clark said he decided to send the lump sum in several payments to a relative in Jamaica to make payments at a Bill Express or Paymaster, something he preferred not to have done. .
Consider this SLB
It would serve the SLB well to consider the following options to make loan repayment easier for people overseas:
- Online payment platforms
A secure online payment system would allow overseas borrowers to make payments easily and conveniently.
- International bank transfers
Partnering with international banks to facilitate wire transfers would provide another option for overseas borrowers to repay their loans.
- Credit card payments
Allowing credit card payments would provide an additional payment option for overseas borrowers.
- Mobile payment options
Integrating mobile payment options, such as PayPal or other digital wallets, would cater to the growing number of individuals who prefer to make payments using their mobile devices.
In Closing
Coupled with other undesirable factors, it is discouraging for people overseas to repay money owed to SLB when the SLB does not have adequately trained individuals to work with borrowers or the means to ensure that individuals have accessible online payment options to recover the delinquent loans they aggressively insist on collecting.
The mentioned solutions will not recover all the delinquent loans rather, they target individuals overseas who intend to honor loan repayment voluntarily or otherwise. By providing more accessible payment options, the SLB can improve the repayment experience for overseas borrowers, reduce delinquencies, and promote a culture of responsible loan repayment.
Source
SLB to name and shame hard-core delinquents. (2018, February 11). Business | Jamaica Gleaner. https://jamaica-gleaner.com/article/business/20180211/slb-name-and-shame-hard-core-delinquents