Guarantors - Guidelines & Responsibilities

Each borrower must have a minimum of two guarantors. Your guarantors will agree to secure your student loan and repay the loan in the event that you do not. It is therefore vital that they be aware of all their obligations.

An individual, who wishes to function in the capacity as guarantor, will not be allowed to act as a guarantor if he/she is currently a guarantor on an existing loan. Guarantors that a student, who receives a loan and has not finished repaying same, cannot be a guarantor for another applicant.

Guarantors must know the applicant, and plan to maintain some measure of cont assurance that the student is held accountable for repayment when the time arises.

A guarantor cannot guarantee for more than one person at a time. The only exception is in the case of parents. Parents can stand as guarantors for more than one child at a time.

In extreme cases where applicants are unable to find more than one guarantor, the single guarantor, if assessed as being financially sound and satisfies other requirements as specified by Management and is deemed t sound, he/ she will be allowed to stand as the sole guarantor for the beneficiary.

A guarantor must be:

Jamaican national or a Jamaican citizen • Must be employed for at least 1 year • Between 18 and 65 years old assessed on a case by case basis • Gainfully employed- whether formally or self employed • In Possession of a Tax Registration Number (T.R.N.)

Guarantor must produce the following documents:

TRN card • Two forms of identification taken from the list below: o Driver’s License o National Identification o Valid Passport o Employee’s Identification o Certified photographs (if any of items i • Proof of Earnings/Income Verification o Letter from employer verifying income o Last three (3) salary slips

Self-employed persons must provide one of the following pieces of income verification:

Letter signed and stamped by a Justice of the Peace (JP) • Last six months current account b • Bank Statement/Savings account passbook or any other savings instrument • Two (2) years Audited/ In-house Financial Statements

Guidelines & Responsibilities

Each borrower must have a minimum of two guarantors. Your guarantors will agree to secure your student loan and you do not. It is therefore vital that they be aware of all their obligations.

An individual, who wishes to function in the capacity as guarantor, will not be allowed to act as a guarantor if he/she is currently a guarantor on an existing loan. Guarantors cannot be current beneficiaries of student loans. This means that a student, who receives a loan and has not finished repaying same, cannot be a guarantor for another applicant.

Guarantors must know the applicant, and plan to maintain some measure of contact in the future. This will provide assurance that the student is held accountable for repayment when the time arises.

A guarantor cannot guarantee for more than one person at a time. The only exception is in the case of parents.Parents can stand as guarantor for more than one child at a time.

In extreme cases where applicants are unable to find more than one guarantor, the single guarantor, if assessed as being financially sound and satisfies other requirements as specified by Management and is deemed to be financially sound, he/ she will be allowed to stand as the sole guarantor for the beneficiary.

Jamaican national or a Jamaican citizen resident in Jamaica for at least 5 years Must be employed for at least 1 year years old. However, guarantors over the age of 65 may be considered and assessed on a case by case basis. whether formally or self employed In Possession of a Tax Registration Number (T.R.N.)

Guarantor must produce the following documents for the interview:

Two forms of identification taken from the list below:

National Identification

Employee’s Identification Certified photographs (if any of items i - iv not available) Verification Letter from employer verifying income Last three (3) salary slips

Employed persons must provide one of the following pieces of income verification:

Letter signed and stamped by a Justice of the Peace (JP) Last six months current account bank statements Bank Statement/Savings account passbook or any other savings instrument house