Terms and Conditions for Student Loans
The terms and conditions of student loans vary based on the nature of the course of study. However, the following general terms apply:
| Interest Rate: | 9% on the reducing balance |
|---|---|
| Term: | Up to 12 years |
| Grace Period: | Period of study plus 3 months |
| Security: | Loans must be fully secured using an acceptable combination of security as shown in the Security Requirements for Student Loans. |
The following is a sample of terms and conditions for various loan sizes:
| Loan Amount | $120,000 | $95,000 | $16,300 | $6,750 |
|---|---|---|---|---|
| Interest Rate | 9 % | 9 % | 9 % | 9 % |
| Repayment Term | 144 Months | 144 Months | 60 Months | 60 Months |
| Grace Period | Study Period + 3 Months | Study Period + 3 Months | Conditional | Conditional |
| Loan Installment | EC$1,388.40 | EC$1,081.13 | EC$338.36 | EC$140.12 |
| Date Of Repayment | 3 Months after Graduation | 3 Months after Graduation | Conditional | Conditional |