Purpose of the Loan
The purpose of the Fund is to grant loans to eligible Barbadians to assist in financing areas of study which are perceived to be of national priority.
The loan amount will be determined by the expenses expected to be incurred in pursuing the particular course of study/training and will cover such costs as:
- registration
- tuition fees
- books/supplies/equipment
- laboratory fee
- thesis fees
- security deposits
- approved transportation to and from foreign countries at the most economical costs
- living expenses associated with studies/training, e.g. room and board, medical expenses, accidentals, etc for studies abroad
- incidentals/miscellaneous
Tuition fees shall normally be paid directly to the institution concerned. The balance of the loan shall be paid to the student to meet other expenses.
Disbursements
The first disbursement of the loan will be made immediately after all legal requirements are satisfied, while each subsequent disbursement will be dependent on your academic performance during the previous year, semester, module or, in the case of a professional qualification, the previous section.
In order to facilitate the disbursement of the loan you will be required to submit to the Administrative Manager as soon as possible, the name, address and full banking information of the institution or individual to whom payment for tuition and accommodation should be made as well as the due date for each payment.
To facilitate your subsequent disbursements, you are required to authorize the institution to submit to the Administrative Manager, Student Revolving Loan Fund your official academic transcript on a regular basis immediately as it is made available.
Part-Time/Online Students
In cases where official transcripts are not provided by the institution, but the results of courses taken are accessible in the students online accounts, they are required to visit the Fund to access the information and print a copy to be verified by an officer.
INTEREST
You will be charged variable interest at the rate of one point five (1.5) percent above the minimum savings rate. The minimum savings rate is currently two point five (2.5) percent. Interest will start to accrue at the above rate at the end of your stipulated study period.
INSURANCE
The loan will be covered by a group life insurance to secure the repayment of the monies advanced in the event of death or disability during the life of the loan. You will be required to repay by the end of the first month during the repayment stage of the loan, the premiums accumulated during study and grace. Thereafter your insurance premium will be included in your monthly loan installment. Insurance is charged at the rate of 30 cents per thousand on the monthly balance of the loan.
Credit Fee
A credit fee of one (1%) percent will be charged on the loan and is to be paid on the signing of the contract. You are also required to pay at the same time stamp duty totaling $27.50 and $6.00 for the adjudication of your contract and the sureties’ contract.