Bank of Saint Lucia gives ordinary Saint Lucians the opportunity to realize their goals and ambitions through the provision of Student loans for diverse studies. From teacher education to aviation, the Student Loans Department provides manpower training for the development of Saint Lucia’s intellectual property.
Student loans are granted to students in obtaining tertiary education for programmes on the Government of Saint Lucia List of Priority Areas for Manpower Training, for which there is a forecast demand in St. Lucia and the region.
General Terms & Conditions include:
- The applicant must be a citizen of St. Lucia who is at least 16 years old;
- The applicant must have resided in St. Lucia for a minimum of one year immediately preceding the date of application for the loan.
- The educational institution must be accredited by an authorized accreditation body
- In pursuing the course of study, the student should preferably attend a regional educational institution.
- The student may, with the approval of the Bank, attend an extra-regional educational institution under special conditions.
Students not eligible for loans based on the above criteria may be also dealt with on a case-by-case basis.
The client’s equity contribution shall be at least 20% of cost of programme and may include financial and other support such as accommodation, airfare, insurance premium, bank fees and a commitment to pay interest during study.
All student loans are to be secured by any one or a combination of cash, mortgage, guarantor, cash surrender value of life insurance policy or a second mortgage over property that is already mortgaged but has sufficient equity to accommodate the additional debt is also acceptable.
The maximum loan term is ten (10) years. A grace period is granted and is regarded as the scheduled period of study plus an additional three (3) months after the completion of study.
To learn more about the student loans programme. Please click here