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This section gives you quick and easy access to the answers to the questions we're asked most frequently.  If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.

What is the maximum funding limit for my area of study?

The funding limits for the various areas of study are as follows:

  • Certificates and Diplomas -   EC$60,000
  • Associate Degrees  -   EC$80,000

Studies within the region:

  • Bachelor’s Degree  - EC$120,000

Regional or International (Bachelor’s Degree):

  • Law/Medicine/Architecture - EC$150,000
  • Masters Degree  - EC$150,000


  • Bachelor’s Degree (Bank’s discretion)  - EC$150,000

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. 

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.

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.

Is all the interest paid within the grace period?

No!  Interest will be paid during the entire life of the loan.

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.

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.

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.

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.

What is the most effective method of contacting my Loans Officer?

You can forward any query/request to studentloans@bankofsaintlucia.comonlinesupport@ecfh.cominfo@bankofsaintlucia.com  or call the Student Loans Department at 1 758 456 6305 / 6326 or our Support Centre at 1 758 456 6999.

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