The Tertiary Assistance loan facility attracts interest at the rate of 5% per annum calculated on the reducing balance method. The maximum loan term given is 3 years.
Tertiary Assistance Loan
- The Tertiary Assistance Loan was negotiated between the Labor Unions representing public sector employees and the government of Jamaica. The facility was established in 2006.
- Application for this loan is done through the Human Resource or Training Unit of the respective ministry or department.
Tertiary Assistance Loan requirement:
In order to benefit from this facility applicants must be permanently appointed in the public service for at least 1 year or have 2 consecutive years of service on a temporary assignment. Additionally, applicants should have two sureties who have been permanently appointed for not less than four (4) years.
The Ministry of Finance determines the amount to be approved.
Documentation required for Tertiary Assistance
- Letter of acceptance from the Institution
- Transcript ( if applicant is a returning student)
- Letter requesting the Tertiary Assistance Loan