JMMB Bank & UWI/ MSBM Partner to Offer Postgraduate Loans
JMMB Bank and the UWI/ Mona School of Business and Management (MSBM) have forged a partnership to offer up to 100% 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.
In sharing further details of this special JMMB Graduate loan, JMMB Bank general manager, client partnership, Moya Leiba-Barnes, outlines, “This unsecured loan facility will offer MSBM graduate students up to J$5.2 million toward their tuition, with a flexible loan repayment plan. With this loan, students have the option to pay their tuition upfront or in up to three (3) 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. “ Adding, “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 a 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 qualifies for, based on other financial obligations.
Students will have up to 5 years to repay this loan at a special low interest rate of 15% and a low processing fee, starting at 1.5%. There is no penalty for early repayment or foregoing use of a part of the loan amount approved.
Dr. David McBean, executive director, MSBM welcomed the partnership with JMMB Bank, noting, “The decision to pursue graduate studies is an investment. (Additionally) we recognize that many qualified prospective students of our programmes are often hampered by the lack of financing for graduate studies and therefore, this solution from JMMB will auger well for increasing the pool of students who will be able to pursue higher education. We are always seeking ways to enhance the experience of our students and this partnership is another expression of this. We therefore encourage both prospective and current students to take advantage of this opportunity to finance their programmes, as they pursue our globally-competitive graduate programmes.”
The special JMMB Graduate loan offer is available to new and/or returning students enrolled in the MSBM’s master of business administration (MBA), master of business management, master of science and doctoral programmes.
Jerome Jarrett, manager, client partnership, JMMB Bank, explained that in order for individuals to access this unsecured education loan, the process should begin with an initial conversation with a JMMB Bank representative, submission of the necessary documentation, including: income verification, tax registration number (TRN), proof of address, acceptance letter from MSBM and completion of a loan application. The process typically is completed within 3-7 business days, after the submission of all the relevant documentation.
Continued Partnership
Dr. McBean saluted JMMB Group for its continued partnership and support of student development, as evidenced by the provision of this education loan solution and the signing of a memorandum of understanding (MOU) in 2016, between JMMB Group and UWI. As part of the MOU, the financial group made a commitment of US$1 million, in the form of an endowment, to support the provision of scholarships to MSBM students, at both the undergraduate and graduate levels, pursuing studies in business, management and accounting. Additionally, the endowment will provide funding for research undertaken by the school and for academic development.
JMMB Bank exec, Leiba-Barnes, indicated that the Bank is looking forward to establishing similar partnerships with other local universities, as it recognizes that the need is widespread. This approach is in keeping with the financial institution’s commitment to being in its clients’ world and providing easy, seamless financial solutions that bring innovation to the market and addresses the gaps that exist.