Student Loans FAQs
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 ‘Have a Question’ or the email form on the Contact Us page and we will be happy to answer your question.
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$62.
Areas on the Priority List. Areas not on the Priority List can be financed at the Bank’s discretion.
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
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.
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.
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.
No! Interest will be paid during the entire life of the loan.
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.
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.
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.
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