Students' Loan Bureau Extends Debt Reset Drive Through December 2026

The Students' Loan Bureau (SLB) is asking borrowers to sign up for its Debt Reset Programme, saying the move can lift their credit standing and make it easier to borrow from banks and other lenders outside the bureau.

Credit bureaus pull repayment and related records from lenders and other sources, then use that material to judge how creditworthy a borrower is. Account holders who fall behind on SLB loans may be marked delinquent, which can pull credit scores down.

Executive Director Nickeisha Walsh told JIS News that borrowers who enter the reset plan and keep payments steady can build a stronger financial profile.

"If you take the debt reset and clear your arrears and you maintain consistent repayment then, obviously, this will improve the borrower's credit profile. So that is something that I wish the customers will take more of an opportunity of, because this will definitely improve their credit ratings," Ms. Walsh said.

A credit report lays out a borrower's full record and often feeds the scoring systems lenders and bureaus use. Those scores reflect how likely default looks from the information in the report.

Walsh said the SLB must report customers' repayment standing to credit bureaus.

"When a [SLB] customer applies for a loan elsewhere, most times, that's when we see customers come in, because they may not be aware that SLB is required to report to the credit bureaus," she noted.

"Their scores or the report will come up with delinquent, and the financial institution will advise them to clear their arrears or contact SLB to make some arrangement before they honour the loan that they're applying for elsewhere. If you're in good standing with SLB, it also improves the ability to get loans from other institutions for other businesses," Ms. Walsh added.

She said the programme gives borrowers room to steady their finances while improving credit standing.

"We recognise that things are challenging. This is the opportunity to get some waivers for you to get a reset… a restart so you set yourself on good financial ground. Paying your SLB loan opens the opportunity for new loans that you'll have in the future because, now, you have a better credit rating because you won't be in delinquency for your SLB loan," Ms. Walsh said.

Under the Debt Reset Programme, borrowers can bring loan accounts current through structured repayment plans and targeted relief, including waivers on late fees, insurance charges, and interest arrears. Customers who stay in good standing may also qualify for incentives.

The programme was first set to close on 30 April 2026 and has now been extended to December 2026.