How To Guidance To Apply Student Loan In Barbados

Guidance To Apply Student Loan In Barbados By Online

  1. Collect all the documents you’ll be required to submit or provide in order to be eligible for the loan.
  2. Fill out your Application form. You can download the application form by clicking the link on the ‘Documents to Use section. Be sure you’ve completed all of the information required Incomplete applications will not be considered. If you’ve filled out an mortgage application online then it’s not required to download the application form.
  3. Fill out the application form in full with the necessary documents. It is the SRLF accepts applications throughout the year however applicants are advised to submit applications within six and eight weeks before the date that the program begins. program.

Please note that if you have any concerns about the process of applying for a loan, contact The Revolving Student Loan Fund via the contact information below.

Required Documents For Guidance To Apply Student Loan 

Send the documents below (if appropriate):

  1. A completed application form.
  2. Documentation for Barbados Citizenship (birth document or registration to be citizens).
  3. Accredited copies of academic credentials.
  4. A certified copy of the marriage certificate.
  5. Acceptance letter or proof of enrollment by the school.
  6. The annual budget of the program from the institution.
  7. A proof of income or an Affidavit for self-employed.
  8. A certificate of savings that demonstrates (if relevant) your capacity to pay for any gap between the cost of the program in addition to the total amount that the SRLF could lend to the study area you are studying.
  9. Description of the program by the institute.
  10. Health certificate from a registered Medical Practitioner.
  11. A copy of the transcript, or a grade slip should the institution already have it.
  12. One (1) certified passport size photograph.
  13. Two (2) Completed Affidavits to a Surety (inclusive in the application pack) forms.
  14. Proof of address of the loan applicant and the guarantee (e.g. electricity bill)

Office Locations and Contacts

The Revolving Student Loan Fund
Elsie Payne Complex, also known as the Elsie Payne Complex,
Constitution Rd,
St. Michael

Tel: 430-2867/71. Or 429-2912/13.
Email: office@srlfloan.edu.bb

Website

Eligibility

The requirements to be eligible for a loan student revolving Loan Fund

  1. To be a Barbados citizen, you must Barbados;
  2. The applicant must be 18 (18) years old and must not be over 50 (50) years old. If a person is who is over 50, the application must get the approval of Ministers of Education.
  3. Accept or be enrolled in acceptance into an accredited program provided through an institution of higher education accredited. Applications can also be submitted by those who are waiting for formal acceptance by an educational institution.
  4. Are pursuing or preparing to complete a full-time program of study that is approved by the Committee and
  5. You must be within the family’s gross income limit as specified by the Regulations.

Maximum Gross Family Income of those who are eligible for credit:

  • Dependent on support from parents Dependent on parental support: $90 000
  • Non-dependents/Individuals: $40, 000

Validity

The loan is insured with group life insurance. the premiums accrued are to be paid by the borrower during the period of repayment for the loan, which can range between 5 (5) year to 12 (12) years, based on the amount taken.

Documents to Utilize

Form for Student Revolving Fund Application Form

Instructions

Categories of Financing:

  1. Graduating and undergraduate: Business, Professional and Technological Courses, e.g. Accounting, Medicine, Computer Technology. Local or regionally-based courses are not usually funded additional regionally.
  2. Post Secondary/Technical Education Courses for development offered by The Barbados Community College and other technical and post secondary institutions locally, regionally and in regional areas, e.g. Health Sciences, Computer Studies, Commerce, etc.
  3. Vocational education: The full-time classes are provided in the Samuel Jackman Prescod Polytechnic.

Amount of Loan

Students can get loans of up to $100,000 from the Fund for Student Revolving Loans. However, loan limits that are lower are applied to specific institutions and program academic levels. If the expense of the program exceeds the amount that is prescribed the applicant has to convince that Committee of the Committee that any deficit will be covered.

The amount borrowed could be used to cover the costs of training or studying and other costs like tuition, registration and books, laboratory fees the cost of a thesis, insurance deposits and transportation between and to international destinations at the lowest cost. The loan could be used for the living expenses that are associated with training or studies, e.g. lodging and board medical expenses, accidents etc.

The tuition fees are typically transferred directly to the school concerned. The remaining balance is paid to the student in order to cover any other expenses.

Sureties

For loans of $50,000 or less, there are no guarantees required. For loans over $50,000, the SRLF is now able for accepting collateral securities (Cash or Government Bonds Cash Surrender Values in the form of Life Insurance, Land, Property as well as Treasury Notes) in exchange for loans or two (2) certainties.

The Interest Rate

Current rate of interest 4.4%

Interest begins to accrue after the conclusion in the course of studies.

The Document is required

Created in 1976 under the Student Revolving Loan Fund Act 1976-20 The Student Revolving Loan Fund offers loans to qualified Barbadians to help finance studies that are considered as national priorities.

The project was jointly funded with Barbados’ Inter-American Development Bank and the Government of Barbados but recently it has been self-financing..

External Links

  • Students Revolving loan Fund Website:
http://www.srlfloan.edu.bb/
  • Ministry of Education, Science, Technology and Innovation:
http://www.mes.gov.bb/pageselect.cfm?CFID=71df3440-38f3-4464-86af-e48351eaa241&CFTOKEN=0&page=62

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