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COVID-19 helps push demand for student loans
Wednesday, August 04, 2021
The
Students' Loan Bureau (SLB) is reporting a 5.43 per cent increase in loans for the academic year 2020/2021 which, it says, is being driven by the effects of the novel coronavirus pandemic, among other factors.
The increase compares to the prior year (2019/2020) when applications declined by 5.4 per cent and the academic year 2017/18 when the number of applications saw only a 0.03 per cent uptick.
Meanwhile, the Government-funded body is bracing for a historic payout of $5 billion in grants and loans for academic year 2021/22. This compared to $4.6 billion disbursed for academic year 2019/2020 and $4.2 billion paid out in 2018/2019.