Loan Contract
An applicant for a loan shall, on the approval of his/her application, sign a bond to work in Barbados immediately after completing his/her course of study:
- for a period of not less than one (1) year, or a period equal to the length of the course of study, whichever is greater.
Termination of the Agreement
The Committee may, with the approval of the Minister, cancel a loan and require immediate payment of such loan where the person to whom the loan is made contravenes the Regulations and:
- unsatisfactory reports on the work or conduct of a student;
- failure to pass required examinations within the original time fixed by the institution;
- engaging in gainful employment during the course of study or training without the prior consent in writing of the Committee;
- cancellation of arrangements for payroll deduction;
- failure to return to Barbados to meet bonded service requirements;
- any other breach of condition stipulated in the contract between the beneficiary and the Fund.