JMMB Bank and The UWI/ Mona School of Business and Management (MSBM) have forged a partnership to offer up to 100 per cent financing for postgraduate students.
The partnership, which took effect on April 1, is in response to the ongoing challenge faced by individuals to fund higher education, especially at the postgraduate level, where individuals are seeking to propel their careers and remain on the cutting edge of their fields.
In sharing further details of this special JMMB graduate loan, JMMB Bank general manager in charge of client partnership, Moya Leiba-Barnes, said the unsecured loan facility will offer MSBM graduate students up to J$5.2 million towards their tuition, with a flexible loan repayment plan.
With this loan, students have the option to pay their tuition up front or in up to three tranches in line with the school’s payment schedule and/or at their own convenience. This has the benefit of making repayment more affordable, since interest is only applicable on the amount paid over to the institution.
“We believe that this innovative approach creates an opportunity for individuals to better manage their finances and forgo the burden of high-interest debt, thereby allowing them to achieve their goal of a higher education and other future goals, such as homeownership and wealth accumulation.”
The loan amount provided is, of course, dependent on the tuition cost of the student’s programme and the amount they qualify for, based on other financial obligations.