Performance Audit Report – Student Loan Bureau’s Management of the Revolving Loan Fund (RLF)
The Student’s Loan Bureau (SLB) plays a vital role in providing access to tertiary education for eligible Jamaicans who are unable to cover the cost of tuition at approved institutions in Jamaica. The United Nations Sustainable Development Goal No. 4 is “to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all” and Vision 2030 National Development Plan (NDP) targets a 50 per cent gross enrolment rate at the tertiary level by 2030.
I commissioned a performance audit to determine whether SLB managed its loan collection and enforcement activities to contribute meaningfully to the sustainability of the Revolving Loan Fund. In accordance with its mandate to provide affordable financing to students pursuing tertiary education, SLB disbursed tuition loans totaling $17.02 billion over the five-year period 2012-13 to 2017-18. On the other hand, non-performing loans stood at $11.3 billion as disclosed in SLB’s management accounts as at February 2018, which is a significant increase relative to $1 billion as at March 2013.