If only I knew: Tales of the SLB

With the Students' Loan Bureau (SLB) in headlines recently pleading for repayment of outstanding loans, Outlook decided to tackle the issue head-on. Wendy Ferguson, in a recent interview, told us about her SLB experience.

"When I got the opportunity to attend university locally, my parents were elated. But with only one holding down the fort and providing for the family of four, tuition upfront was out of the question.

"Well, I applied to the Students' Loan Bureau, filled out the necessary forms, sourced the start-up cost, waited in long lines, and rallied up the guarantors for the interview. We signed off for three years as I was a smart young woman showing promise of a bright future.

"In my third year, I had to resit a few courses because of bad selections and I wanted to achieve both a minor and major in my degree programme. That would have required an extension.

"In applying, SLB sent me to the school, stating that the extension had to be approved from there before they would grant it to me. The school sent me back to SLB, stating that they would have to sign off on it before they could do so. In the end, the request was denied, with SLB explaining that since the extra semester meant moving from full-time to part-time, I should be able to find a job while studying and, furthermore, they do not cater to the dunce.

"Well, I pooled with family members for the extra money, tried seeking a job, but to no avail because my courses were day courses. The scheduled time of graduation moved from 2009 to 2010 with only a major.

"From 2006 to 2010, the economy had experienced a declining shift, affecting naturally the work world. SLB's rules are as follows: once borrowed, you begin repayment the January after you graduate. You pay a hefty lump sum for the first six months before it decreases to a manageable amount, and then you continue repayment until it has been cleared.

"Since I had passed the January mark, I was already in trouble, but hopeful, nonetheless, that I would receive a steady job. Nothing permanent came my way. I paid whenever I could, providing the lump sums that I had at the time, but only steadiness would move this mountain of debt I had piling up. In two years after borrowing approximately $450,000, I owed them about $1.4 million (should have read the fine print).

"Had I begun repaying my loan, I was later told, before I had completed my degree, I would have repaid only the amount I had borrowed.

"I had sent countless emails to their account requesting to pay a smaller sum. They remained unanswered. I paid lump sums whenever I could, but it continued to double and triple. After they had threatened myself and my guarantors, I went in and pleaded my case. A loans officer told me the minimum I was allowed to pay at the time was $50,000 monthly. Now, where was I to get that with no job?

"With my guarantors unemployed themselves in the recent economic epidemic, I had nowhere to turn financially. I had lost my loans officer and was sent to the investigation company to force my hand.

"They, surprisingly, were more understanding than the actual bureau, or maybe it was because I answered my cell phone, unlike many others who have changed their numbers, and I promised to pay whenever I can. It has been a rocky road, but I now have a job on a contractual basis and I pay what I can consistently each month.

"When many are asked to pay their loans because SLB is broke, many forget a case which has vanished into thin air about the former president.

"I know there are several persons out there with no plans to repay because of the bureau's stringent measures of repayment, while there are the few, like me, who just want to clear the debt so that this nightmare can be over.

"There is no way to turn back time, but if I knew then what I know now, I would not have taken a loan. I would have worked, which was an option for me then, and saved towards my own education."

That was Wendy Ferguson's story. Share your loan experience with the Students' Loan Bureau with us at lifestyle@gleanerjm.com.

Name changed upon request