St K&N: Existing student loans reduced to 5% at DBSKN
Major Reduction to Existing Student Loans Through Joint Initiative Between the Government of Saint Kitts and Nevis and DBSKN
Basseterre, Saint Kitts and Nevis, May 19, 2023 (Press Secretary, PMO): The Government of Saint Kitts and Nevis is pleased to announce the rollout of the Second Phase of the Graduate Finance Project (GFP) targeting existing student loans. Effective Thursday 1st June 2023, existing student loans with the Development Bank of St. Kitts and Nevis (DBSKN) will receive a major reduction of the interest rate on their loans to five percent (5%) providing much needed financial relief to those students.
Prime Minister of Saint Kitts and Nevis and Minister of Finance, the Honourable Dr. Terrance Drew announced the second phase of the GFP during the Prime Minister’s Press Conference with Cabinet Ministers on Thursday 18th May outlining the details of the initiative.
“Students who are presently paying at 9%, from the 1st of June you are encouraged to go to the Development Bank and have your interest reduced from 9% down to 5%. This will give students space to buy a home, invest in a business, after all this is what they left to study for”, said Prime Minister Drew during his Opening Statement at the press conference.
Prime Minister Hon. Dr. Terrance Drew speaking at the Prime Minister’s Press Conference with Cabinet Ministers
The initiative, which was listed among the proposed projects in the SKNLP’s POST COVID RESET campaign, brings substantial relief to our students affording them adequate opportunity to pursue their life goals.
“We want that when students go to study, they can quickly transition into independent living” the Honourable Dr. Terrance Drew stated.
All students with existing student loans are asked to contact the Development Bank of St. Kitts and Nevis to schedule an appointment with a bank officer to initiate the process. Students will be required to complete the necessary paperwork and ensure that they have two (2) pieces of Identification Cards and proof of address for their appointment.
The Graduate Finance Project was introduced on Thursday 6th April 2023, under the theme “Removing Financial Barriers to Education” and offers 5% interest on student loans, to new students within the Federation, on a maximum of EC$100,000.00 for a grace period of four and a quarter year (4 years, 3 months), with a fifteen (15) year repayment term. It includes an EC$15,000.00 credit to service the student loan during that period, which eliminates the payment of interest for the 4 years, 3-month period. The 5% interest takes effect after the 4 years, 3-month period.
Students can also take advantage of the Development Bank’s Student Loan Investment Plan (S.L.I.P.) which allows prospective students to begin saving preparations towards their pursuit of higher education.
Visit the Development Bank of St. Kitts and Nevis website https://skndb.com/ for more details.
