LATE FEE NOTICE
Dear Borrower,
The Student Revolving Loan Fund (SRLF) has made it possible for thousands of Barbadians to study all over the globe. Timely repayment of loans will allow us to continue in our efforts to assist future deserving citizens. It will also ensure that you avoid incurring a late payment fee of $30.00, which the SRLF will be implementing with effect from July 1, 2019.
The SRLF has several repayment methods available for your convenience. Please visit our website as indicated in the below link to see the various options and select the one most suitable for you https://srlfloan.edu.bb/Repayment/MethodsofLoanRepayment.aspx .
We have put several arrangements in place to accommodate borrowers experiencing genuine financial challenges. If you are experiencing financial difficulties please contact us at 535-0834; email office@srlfloan.edu.bb; go to our online chat at www.srlfloan.edu.bb or visit our office.
Frequently Asked Questions on Late Fees
When is the due date for payment?
On or before the last working day of each month, (Monday to Friday).
How much is the late payment fee? $30.00 When does the late payment fee begin?
July 1st 2019.
Does this apply to me if I choose to start payments during study or the grace period?
No it only applies to persons inside of the official repayment phase of their loan
If I am in arrears for eg. six months and make a monthly payment will I still be charged the late payment fee? Yes. You will have to clear all arrears and make the current payment to avoid being charged.
I have been made redundant and have been having problems making my payment deadlines, what should I do?
In scenarios where you are having difficulties repaying your loan on time please contact the Collections Unit and an officer will work out a plan that is beneficial to all parties involved. Once a plan has been put in place you will not be charged a late fee unless you deviate from the agreement. Also note that payment plans are designed based on the individual situation.
How and where do I make payments?
You have many options listed here.
I am unsure about my balance and the status of my account, how do I check this?
Your statement will be mailed to you quarterly, you can also sign up to view your account via our online portal where you will also receive monthly statements electronically. In addition, you can contact us via our online chat; telephone 535-0834/35 or email office@srlfloan.edu.bb
Why is the SRLF introducing a late fee?
The SRLF depends on timely repayments in order to provide loans for other young Barbadians and to cover its operational expenses.
Yours faithfully,
Student Revolving Loan Fund