In an attempt to attract apathetic young voters as the September 3 general election date draws closer, the Jamaica Labour Party (JLP) says it will offer a Student Loan Debt Reset for delinquents.

If given another term in office, in the first year, the JLP also plans to institute a Students’ Loan Bureau (SLB) policy where tertiary education financing covers accommodation, books, laptops, food, as well as other living expenses.

“More importantly, as we touch on the issue of debt, we know that our young people sometimes get thrown a curveball by life. That’s why the Jamaica Labour Party is not only going to expand the moratorium which already exists, but we will institute the Student Loan Debt Reset,” Kamina Johnson Smith promised on behalf of the JLP during the first of three political debates being hosted by the Jamaica Debates Commission last Saturday (August 23).

“Under that policy, we will be waiving, for all delinquent accounts, 100 per cent of penalties, 100 per cent of insurance charges, and 50 per cent of interest arrears; ensuring a fresh start for those who just have had life take a wrong turn,” she said.

The minister was responding to a question posed by TVJ reporter Romardo Lyons, which stated, “Roughly 10,000 students graduate annually from Jamaica’s top four universities, majority are young professionals. They were taught to go to school, get subjects, go to university and then get a job. Many follow those instructions and end up repaying student loans for years, struggling to save money. With another term, what will you do to ensure in your first year that more educated youth can have a taste of prosperity?”

For those who are in good standing with the SLB, Johnson Smith said they will be rewarded with a credit of J$100,000 per account. Those on the cusp of closing out their accounts, the JLP administration would pay up to the amount required to close.

“This is us not talking, but acting, as always,” she said.

In her rebuttal, the People’s National Party’s (PNP) Sophia Frazer-Binns said, on the other hand, the opposition would earmark J$1 billion, with J$500,000 going towards deposits from this pool. Secondly, the PNP would push a graduate forgiveness of student Loans, where for each year when an SLB borrower works in Jamaica, their payments will be discounted.

“We understand that sometimes you leave university and simply just can’t get a job. The present system seh you must still pay yuh student loan. We are saying, ‘No!’ An end to that,” she said in her 45-second rebuttal.