The Barbados government is defending its decision to have changes made to the Student Revolving Loan Fund (SRLF), noting that the restructuring is necessary if the Fund is to survive at least another 45 years.
“Therefore, the SRLF will soon be restructured to allow it to be transformed into a more customer-centric and agile organization. This is to be achieved by ensuring that the SRLF is a great place to work for its employees because the first customer is the internal customer. It is to ensure that excellent service is provided because management and leadership are ‘in service,” said Education, Technological & Vocational Training Minister Kay McConney.
Speaking at the Fund’s 45th Anniversary Awards Dinner over the last weekend, McConney, assured that the government is aware that for the Fund to continue existing for another 45 years and more, it will have to make changes in its operations.
She said she is pleased to be championing the restructuring effort in Cabinet, noting that new and innovative lending products will be introduced, and the Fund could expect a greater leveraging of technology.
“Certainly, we believe that if the SRLF can be transformed in this manner that it will serve Barbadians for another 45 years and more,” she said, noting that all Barbadians “owned” the Student Revolving Loan Fund and had a vested interest in ensuring its viability.
“I want you to spread the word about the Student Revolving Loan Fund,” she said, adding that providing educational loans was an inherently risky business.
The minister said the SRLF will soon be asked to perform as a “commercial state-owned enterprise,” with some practices that wouldn’t simply be government-focused but oriented and anchored in that of a “true, viable, sustainable commercial entity.”
McConney said many student lending agencies, regionally and internationally, had suffered severe financial setbacks or had closed completely.
“The Student Revolving Loan Fund is still going strong in Barbados, 45 years later. It is able to generate, and I am so proud of this, yearly profits, and for the past twelve years, it has operated without the need for yearly Government subventions.
“This is testimony to the prudent oversight of successive Management Committees and the dedication and commitment of management and staff of the Student Revolving Loan Fund,” she added.
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