St Kitts and Nevis: Prime Minister Dr Terrance Drew, announced June 1 as the launch date of the second phase of the government’s Graduate Finance Project with the Development Bank of St Kitts and Nevis (DBSKN).
On his Facebook post, PM Terrance Drew shared an update on the project and referred to it as a positive step in the education sector of St Kitts and Nevis. He said, “The Second Phase of the Government’s Graduate Finance Project with the Development Bank of St Kitts and Nevis (DBSKN) will be launched on June 1, 2023.”
Students with existing loans will now receive a major reduction of the interest rate on their loans from nine percent (9%) to five percent (5%) per annum. The Graduate Finance Project was introduced on Thursday, April 6 2023, under the theme “Removing Financial Barriers to Education”. This initiative, which was listed among the proposed projects in the SKNLP’s POST COVID RESET campaign in August 2022, brings much-needed financial relief to the students.
Speaking on the project, PM Terrance Drew stated that the new student loan program will make the graduates get rid of any interest during their academic journey, and it will boast an unprecedented interest rate of just 5 percent. As per the scheme, the accumulated interest will convert into a credit of approximately $15,000 for each loan recipient once the students complete their studies.
He said that the scheme will be proved revolutionary for the graduates and make them use their resources effectively with the alleviation of the burden of student loan repayments.
He said that the government is also looking for ways to reduce the interest rates on existing loans. For outstanding loan graduates, interest rates will be reduced from 9 percent to 5 percent. PM Terrance Drew said that the reduction will benefit borrowers and decrease the payments for their monthly loans. It will also save hundreds of dollars each month.
The initiative will alleviate the financial burden on students and graduates and help them establish their businesses. He said that the government of St Kitts and Nevis is committed to enhancing the education sector.
Anglina Byron, developed a deep-seated passion for journalism. Anglina is recognized for her tenacity, strength, and unwavering commitment to delivering honest and reliable news across the Caribbean. She covers general affairs of the region.