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Student Loan

At the Development Bank of St. Kitts & Nevis, our Student Loan Assistance Program is comparable to none in the Federation.  We specialize in offering loan packages primarily to candidates who wish to pursue a first Degree.

Applicant's Obligations



Selected Graduate and Post Graduate allowances will be made on a case by case basis.

Priority is given to candidates pursuing studies at regional institutions.

All applications for students commencing studies in the Fall should be submitted by May 31st.

All applications for students commencing studies in the Winter should be submitted by September 30th.

The Applicant should:-

  • Arrange to have an interview with our Student Loans Officer.
  • Complete and submit an application form
  • Complete the necessary form(s) as accurately and as thoroughly as possible, to avoid any delays in the process.
  • A non-refundable Application fee of EC$50.00 + 17% VAT is to be paid upon submission of the Application Form
  • Be sure to submit all applications well in advance to go through all the application procedures and yet be on time for your school's Orientation and Registration.
  • Ask and be informed on the issue of VAT as relates to your fees and services.

 What are the criteria for qualifying?
  • Acceptance letter from an accredited University
  • Suitable security (guarantor, land etc)
  • Area of study must be part of the Bank's priority listing
  • Other criteria dependant on the funding source... contact the Student Loans Officer for details

Security

Security for the loans may include:-

  • Sureties/Guarantors

  • Real Estate

  • Cash Collateral

  • Treasury Bills

  • All students are required to have Life Insurance upon approval of the loan which should be maintained throughout the life of the loan. The amount will be stipulated by letter.

Loan Limits

  •  A maximum of US$35,000.00 for three to four year programs.

  • A maximum of US$25,000.00 two year programs.

  • A maximum of US$10,000.00 for one year programs.

Disbursements

  • Loan funds are disbursed in equal installments over the years of study.

  • Request for disbursement must be made in writing.

  • Official University Transcripts must be submitted with request for all other disbursements after the first.

  • Tuition fees are paid directly to the educational institution.

  • Monies for Books and Boarding are paid to the student.

  • Airfare is paid to travel agency/airline.

Interest Rate

  • Presently, Interest is charged at a rate of 9% per annum.

  • It is mandatory that the interest be paid during the period of study.

 Present Bank Fees
  • A non refundable Application fee of EC$50 is to be paid upon submission of the Application Form.

  • A Commitment Fee of EC$150.00 is to be paid to the Bank after approval.

  • Legal Fees of $350.00 are to be paid to our Solicitors after approval.

  • Bond registration rate is 0.25% of the loan amount

  • VAT on all fees is 17%

The Student Bond

The applicant along with the proposed sureties are required to sign the Student Bond.Repayment Terms

  • For bonded students, repayment commences three (3) to six (6) months after graduation. For non-bonded students pursuing courses locally, repayment commences one (1) to three (3) months after the first withdrawal.

  • Loan term ranges from one (1) to ten (10) years.



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