THE STUDENTS' Loan Bureau (SLB) has warned approved applicants that their loan approvals would be withdrawn if they failed to go in with their guarantors to sign the loan documents by October 31.
Tertiary institutions have been enrolling approved students in courses before final documents have been signed but Lenice Barnett, the SLB's executive director, has advised that the loan application and disbursement process were not complete until approved applicants and their guarantors signed loan documents.
"We don't want our students to get complacent and in the hustle and bustle of school and study, forget about this critically final stage of the process," she said. "The bottom line is that the tertiary educational institutions need the fees to run their operations and we want to disburse."
Under the new arrangement, which allows the SLB to control the entire loan process, students are not required to provide collateral but must have two guarantors who "must be employed and of good standing in the community".
