The loan is repayable in accordance with the following repayment schedule:-
- Not exceeding $5 000 in equal monthly instalments over a period of 5 years
- Exceeding $5 000 and not exceeding $8 000 in equal monthly instalments over a period of 8 years
- Exceeding $8 000 and not exceeding $12 000 in equal monthly instalments over a period of 10 years
- Exceeding $12 000 in equal monthly instalments not exceeding a period of 12 years
The below estimated payments are based on a variable interest rate of 4 per cent.
| Amount Borrowed ($) | Monthly Payment ($) |
| 5 500 |
72.00 |
| 11 000 |
119.00 |
| 16 500 |
155.00 |
| 19 500 |
184.00 |
| 25 000 |
236.00 |
| 30 000 |
282.00 |
| 36 000 |
339.00 |
| 40 000 |
376.00 |
| 50 000 |
471.00 |
GRACE PERIOD
The Committee will determine the grace period for loans for full time studies but in every instance will grant a six (6) months grace period for part-time and distance studies. A grace period will commence immediately after the stated completion of the course of study for which the loan was approved.