FREQUENTLY ASKED QUESTIONS
 1. What areas of study does the Bank finance?
Areas on the Priority List. Areas not on the Priority List can be financed at the Bank’s discretion.
2. What is the maximum funding limit for my area of study?
The funding limits for the various areas of study are as follows:
I. Certificates and Diplomas - EC$60,000
II. Associate Degrees - EC$80,000
Studies within the region:
III. Bachelor’s Degree - EC$120,000
Regional or International (Bachelor’s Degree):
IV. Law/Medicine/Architecture - EC$150,000
V. Masters Degree - EC$150,000
International:
VI. Bachelor’s Degree
(Bank’s discretion) - EC$150,000
3. Can I increase or reduce my loan amount?
Yes! Provided that you remain within the maximum limit and you must note that the security and insurance may also need to be adjusted. Visit the branch to discuss restructuring your existing facility.
4. Can I receive funding to pursue summer courses?
Yes! However you should provide documentation from the school stating that pursuing summer courses would accelerate the completion of your programme and not adversely affect costs.
5. How is the interest on a student loan calculated?
The interest during the study/grace period is compounded; however you only pay interest on the disbursed funds. When you commence repayment of the loan, the interest which is paid is calculated on the reducing balance.
6. Is all the interest paid within the grace period?
No! Interest will be paid during the entire life of the loan.
7. What is the role of a guarantor?
The guarantor’s role is to secure the loan. Should the student become delinquent in the repayment of the loan the repayment becomes the guarantor’s responsibility.
8. What is the purpose of having life insurance coverage?
Life insurance is required for all student loans. Should a student meet his/her untimely death, the insurer’s coverage is applied to pay off the student’s loan. Otherwise, your guarantor/surety is responsible for repaying the loan or the security is used to liquidate the debt.
9. What happens if my life insurance policy lapses?
Students are required to submit statements from their Life Insurance Company indicating that their policies are up to date prior to the disbursement of funds. If the policy lapses and is not reinstated, the insured is not covered and in the event of an untimely death, the surety/guarantor will be responsible for the repayment.
10. Are there any tax benefits of having a student loan with Bank of Saint Lucia?
The individual paying the interest on the loan can benefit from a tax credit of up to EC$3,000 annually.
11. What is the most effective method of contacting my Loans Officer?
You can forward any query/request to studentloans@bankofsaintlucia.com, onlinesupport@ecfh.com, info@bankofsaintlucia.com or call the Student Loans Department at 1 758 456 6305 / 6326 or our Support Centre at 1 758 456 6999.
12. How do I request disbursement for my new school term/year?
Forward a copy of your most recent transcript as proof of you successfully completing the academic year along with evidence that your Life Insurance premium is up to date. The Bank will not be providing funding to students repeating an academic year/course. Disbursement must be requested at least one week in advance of the required date. You should also indicate the preferred method of payment for tuition, books and boarding. In cases where someone is collecting a draft on your behalf, you should provide written authorization indicating the individual’s name and the date of collection.
13. What are the tuition payment options available?
You may receive payments via bank draft payable to the institution or telegraphic transfer paid directly into the school’s account. If payments are requested via telegraphic transfer, you must provide particulars of the school’s bank account including their banker’s sort code. Students who opt to pay their tuition via debit or credit card should forward receipt of payment to the Loans Department for reimbursement.
14. How can I effectively manage my monies whilst at school?
Make a budget – it is essential to your success. Your budget should cover the essentials such as books, school supplies, food, transportation costs and other necessities. Budgeting leads to a less stressful experience. Avoid splurges, making a habit of spending irresponsibly will leave you broke!
15. What are my options if my expenses have increased and I am struggling financially?
Apply for an increase in your loan if you have not already reached the maximum limit. Please note however, that security and insurance must also be increased.
16. What should I do if I lose or misplace my bank draft?
Report the lost or misplaced draft to the bank immediately so that a stop payment could be placed on the draft. The foreign bank on which the draft is drawn will be notified and they must provide confirmation of the stop payment instructions. Only then can Bank of Saint Lucia proceed to issue a replacement draft to you or the school. A cost of EC$104 is applicable for the stop payment request (fee is subject to change without prior notice).
17. Who can I contact if I am experiencing difficulties with my International Debit Card?
Contact the Card Services Department cardservices@bankofsaintlucia.com, onlinesupport@ecfh.com, info@bankofsaintlucia.com or call our Support Centre at 1 758 456 6999.
18. What should I do if I decide to change the school where I’m enrolled?
Notify the bank prior to applying to the new school and provide details of the cost of pursuing studies at the new institution. Your Loans Officer will assess your request to ensure that the available funds are adequate to carry you to the end of the programme without incurring additional costs and advise you accordingly.
19. What should I do if I want to change my approved area of study?
Contact the Loans Department to ensure that the new area of study is on the priority list and that the cost is within your approved loan limit.
20. What should I do if I have not completed my programme by the stipulated date?
Advise your Loans Officer of your current status and provide documentation from your school indicating the expected date of completion in order to facilitate an extension of the grace period.
21. What should I do if I require an extension of the grace period on my loan?
Submit your request in writing accompanied by any relevant documentation (enrollment/acceptance letters, etc) as evidence of the reason for the extension. Please note that when an extension is granted, the guarantors and/or sureties must sign granting permission for the extension of the grace period. Only then will the extension become effective.
22. What happens to undrawn student loan funds?
Upon completion of your programme any undrawn funds will be cleared thereby reducing your loan balance. You can discuss other uses for the funds including financing of additional courses/programmes.
23. When does my student loan repayment commence?
You are normally given six months after the completion date of the programme to commence the loan repayment (refer to Offer Letter).
24. What happens if I cannot meet the monthly repayment of the loan?
If you are unable to meet the monthly repayment, a written request should be forwarded to the Loans Department to restructure your student loan. Visit the branch to discuss the most suitable options.
25. What happens if my payment is not made by the stipulated date?
You have ten (10) clear days from the date of repayment to make your loan payment. If the payment is not received within the ten days, you will be charged a late payment fee of EC$50.
26. Are there any penalties if my loan is repaid earlier than the stipulated maturity date?
Bank of Saint Lucia does not apply any penalties if a loan is repaid earlier than the stipulated maturity date. Customers may choose to apply lump sum payments to the loan principal or increase the specified monthly payment.
Email: studentloans@bankofsaintlucia.com
Or: onlinesupport@ecfh.com
Or: info@bankofsaintlucia.com
Call: Student Loans – 1 758 456 6305 / 6326
Or: Support Centre – 1 758 456 6999
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