EXISTING STUDENT LOANS AT THE DEVELOPMENT BANK BEING REVIEWED UNDER THE GRADUATE FINANCE PROJECT

Basseterre, St. Kitts, April 20, 2023 (SKNIS): The Graduate Finance Project, introduced by the Government of St. Kitts and Nevis on April 06, 2023, is currently considering the status of persons with existing student loans acquired through the Development of Bank of St. Kitts and Nevis (DBSKN).

The Graduate Finance Project saw the interest rate on new student loans attained through the DBSKN reduced to five percent per annum for loans up to EC$100,000. It also provides a grace period of four and a quarter years with a 15-year repayment term. It includes EC$15,000 credit to service the student loan during that period, which eliminates the payment of interest for four years, and three months.

An update on the status consideration for existing student loans was given on Wednesday (April 20) by Prime Minister, the Honourable Dr. Terrance Drew, during a special interview with members of the media.
“We are in the process of analysing existing loans because that is of great concern to us as well,” Dr. Drew stated, adding that there will be “some movement on that in the weeks ahead.”

The Graduate Finance Project enables students returning to St. Kitts from university to enjoy savings of up to EC$50,000 or more. It significantly reduces the lifetime cost of college.

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