TIME TO APPLY FOR STUDENT REVOLVING LOAN

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Persons who wish to obtain a student loan from the Ministry of Education and Human Resource Development’s Student Revolving Loan Fund are being encouraged to apply.

According to Guidance Officer at the Fund, Alan Roach, the current loan limit was BDS $50,000, which would be “spread out over the course of the programme”.

“Fifty thousand dollars is our maximum loan amount and we offer a competitive six per cent interest rate,” he said.

Mr. Roach also explained that loan recipients had a “grace period” of one year after the completion of their programme before the repayment process began. He however stressed that early repayment of the loan was also an option. “A person can start repaying their loan as early as it is convenient for them,” he stated.

The Guidance Officer added that there were steps that could be taken by applicants to “give them an edge” in their pursuit of a student loan.

“It is a good idea for applicants to indicate in writing why they have chosen a particular programme and where they see it fitting into the labour market. This gives the committee the opportunity to get a better understanding of the applicant,” he outlined.

Mr. Roach, however, added that there were also other factors that could affect the attainment of a loan. “It must be taken into consideration, the fact that if a programme is offered locally or regionally at an accredited institution, it is less likely that the application to pursue the course of study extra-regionally would be approved, unless there are extenuating circumstances,” he explained.

Interested persons may apply online at srlfloan.edu.bb or forms may be obtained at the Ministry of Education and Human Resource Development, “Elsie Payne Complex”, Constitution Road, St. Michael.

aalleyne@barbados.gov.bb

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