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 in the department’s programme, starting April 1.
The partnership 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.
This unsecured loan facility will offer MSBM students up to $5.2 million toward their tuition, with a flexible loan repayment plan and up to five years to repay, with an interest rate of 15 per cent.
Students have the option to pay their tuition upfront or in up to three tranches in line with the school’s payment schedule and/or 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”, said JMMB Bank general manager, client partnership, Moya Leiba-Barnes.
She added: “We believe that this innovative approach creates an opportunity for individuals to better manage their finances and forego the burden of high-interest debt, thereby allowing them to achieve their goal of higher education and other future goals, such as home ownership and wealth accumulation.”
The loan amount provided is, of course, dependent on the tuition cost of the student’s programme and the amount he/she is qualified for, based on other financial obligations.
Dr David McBean, executive director, MSBM welcomed the partnership with JMMB Bank, noting that the decision to pursue graduate studies is an investment.