Jamaicans who fail to make their Students’ Loan Bureau (SLB) payments on time and in full will be faced with increased fines this month.
The SLB has advised that a new penalty of j$750 will be applied to accounts which make a payment after the due date.
The increased fine will apply where persons pay less than the stipulated amount.
The new fine will also apply to loans in arrears.
The SLB says the j$750 penalty will be applied monthly until the arrears are cleared.
All payments are due on the last business day of each month.
Borrowers are given a grace period of 10 days after the due date.
Meanwhile, the lending agency says loans that have matured and not yet closed will attract a monthly penalty of j$1,500.