The Students’ Loan Bureau (SLB) is encouraging borrowers to take advantage of its Debt Reset Programme, noting that participation can significantly improve their credit standing and enhance their ability to access loans from other financial institutions.
Credit bureaus collect information from lenders and other relevant sources on a borrower’s credit history, which is then used to assess creditworthiness.
Borrowers with arrears on their SLB accounts may be classified as delinquent customers, negatively impacting their credit scores.
SLB Executive Director, Nickeisha Walsh, told JIS News that persons who utilise the Debt Reset Programme and maintain consistent repayments can strengthen their financial profile.
“If you take the debt reset and clear your arrears and you maintain consistent repayment then, obviously, this will improve the borrower’s credit profile. So that is something that I wish the customers will take more of an opportunity of, because this will definitely improve their credit ratings,” Ms. Walsh said.
A credit report provides a comprehensive profile of a borrower and is often used by lenders and credit bureaus to generate credit scores. These scores estimate the likelihood of default based on the information contained in the report.
Ms. Walsh explained that the SLB is required to report customers’ repayment status to the credit bureaus.
“When a [SLB] customer applies for a loan elsewhere, most times, that’s when we see customers come in, because they may not be aware that SLB is required to report to the credit bureaus,” she noted.
“Their scores or the report will come up with delinquent, and the financial institution will advise them to clear their arrears or contact SLB to make some arrangement before they honour the loan that they’re applying for elsewhere. If you’re in good standing with SLB, it also improves the ability to get loans from other institutions for other businesses,” Ms. Walsh added.
She further pointed out that the Debt Reset Programme offers borrowers an opportunity to regain control of their finances while strengthening their credit standing.
“We recognise that things are challenging. This is the opportunity to get some waivers for you to get a reset… a restart so you set yourself on good financial ground. Paying your SLB loan opens the opportunity for new loans that you’ll have in the future because, now, you have a better credit rating because you won’t be in delinquency for your SLB loan,” Ms. Walsh said.
The SLB’s Debt Reset Programme enables borrowers to regularise their loan accounts through structured repayment arrangements and targeted financial relief, including waivers on late fees, insurance charges, and interest arrears. The initiative also provides incentives for customers who maintain good standing.
The programme, which was initially scheduled to end on April 30, 2026, has now been extended to December 2026.
