BARBADOS STUDENT REVOLVING LOAN FUND: New lending limit, available to students at $100,000 – up from $50,000
The Barbados Student Revolving Loan Fund (SRLF), the nation’s premiere source of funding for education, announced a series of new and improved services designed to meet the changing needs of Barbados’ students. The changes which took effect on June 1, 2012, include an increase in the maximum loan amount available to student borrowers to $100,000 as well as the availability of loan funds for distance learning.
“The Student Revolving Loan Fund is committed to providing loans to Barbados’ students to assist them in attaining their educational goals,” said Roslyn Shepherd, Administrative Manager of the Student Revolving Loan Fund. “The changes we are announcing today are designed to help students face both the increased costs of tertiary education, and to take advantage of the different methods of delivering education. In addition to raising the maximum loan limit from $50,000 to $100,000 per student, we are now able to offer loans to students engaged in distance learning as well as those who are studying part time.”
The changes to the SRLF have been made possible by legislation approved by Parliament in 2010.
Under the new legislation, in addition to the increased loan maximum, borrowers may take advantage of new ways of securing student loans. For the first time, in addition to sureties, collateral may be used to secure SRLF loans. The Student Revolving Loan Fund, whose staff are specialists in educational loans, offers borrowers the lowest interest rate available – currently 4%.
“With the changes we are announcing today, the Student Revolving Loan Fund is making more loan funding available to a wider range of students,” continued Administrative Manager Roslyn Shepherd of the SRLF. “The SRLF is a true success story in education in Barbados. Since its inception, the SRLF has become totally self-sufficient. As the name implies, we are able to loan monies for study on a revolving basis and rely on borrowers to repay their loans once their education is completed to keep the SRLF going.”
Ms. Shepherd went on to explain that unlike commercial lending institutions, the SRLF allows borrowers a grace period while they are studying, during which time repayment of their loans are deferred.
The Student Revolving Loan Fund says that applications are being accepted from and approved for study from an increasingly broad universe of disciplines, and that with the advent of funding for online and part-time studies, across a wide age spectrum in Barbados are choosing the SRLF as their preferred method for financing their ongoing education. The SRLF lending process includes a Guidance Officer who supports the Lending Unit by liaising with educational institutions, employers and potential student borrowers to assist in ensuring the success of the educational experience.