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Barbados - Guidance To Apply Student Loan

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Contents

Introduction

Established under the Student Revolving Loan Fund Act, 1976-20, the Student Revolving Loan Fund offers loans to eligible Barbadians to assist in financing areas of study which are perceived to be of national priority.

The project was financed jointly by the Inter-American Development Bank and the Government of Barbados but recently it has become self-financing.

Here is a procedure on how to apply for a student loan in Barbados.

Eligibility

Qualifications to apply for a loan Student Revolving Loan Fund:

  1. Be a citizen of Barbados;
  2. Applicants must be eighteen (18) years of age and no older than fifty (50) years of age. For any person over the age of 50 the application will need to be approved by the Minister of Education.
  3. Be enrolled or accepted for enrollment in an accredited programme offered by an accredited educational institution. Applications may also be submitted by persons who are awaiting official acceptance from an educational institution;
  4. Be pursuing or propose to pursue a full-time course of study approved by the Committee; and
  5. Be within the gross family income limit stipulated in the Regulations.


Maximum Annual Gross Family Income of persons who may apply for loans:

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

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Instructions

Categories for Financing:

  1. Graduate and Undergraduate: Business, Professional and Technological Programs, e.g. Accounting, Medicine, Computer Technology. Courses available locally or regionally will not generally be financed extra regionally.
  2. Post Secondary/Technical Education: Developmental courses of the Barbados Community College and other post secondary/technical institutions, locally, regionally and extra regionally, e.g. Health Sciences, Computer Studies, Commerce, etc.
  3. Vocational Education: All full time courses offered at the Samuel Jackman Prescod Polytechnic.


Loan Amount

Students may borrow up to BDS$100,000 from the Student Revolving Loan Fund. However, loan ceilings of lesser amounts are applied to particular institutions and specific programme academic levels. When the cost of the programme exceeds the prescribed amount, the applicant is expected to satisfy the Committee that the deficit will be met.

The loan amount can be used to pay for the cost of studying/training and other costs such as registration, tuition, books, laboratory fee, thesis fees, security deposits and approved transportation to and from foreign countries at the most economical costs. The loan can also be used to cover living expenses associated with studies/training, e.g. room and board, medical expenses, accidentals, etc.

Tuition fees are usually paid directly to the institution concerned. The balance of the loan shall be paid to the student to meet other expenses.


Sureties

For loans $50,000 and less no sureties are required. For loans above $50,000 the SRLF now has the flexibility to accept collateral security (Cash, Government Bonds, Cash Surrender Value on Life Insurance, Land, Property, and Treasury Notes) for loans or two (2) sureties.


Interest Rate

Current interest rate: 4%

Interest will start to accrue at the end of the study period.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Procedure

  1. Gather all documents you will need to submit or present to apply for a loan.
  2. Complete an application form. You may download the form using the link provided on the 'Documents to use' section. Make sure that you have provided all the required information, incomplete application will not be processed. If you have already completed the online loan application form then it is NOT necessary to download the below application form.
  3. Submit the completed form along with all required documents. The SRLF accepts applications throughout the year, however applicants are encouraged to submit applications between six to eight weeks prior to the start date of the programme.


Note: If you have any queries related to applying for a loan get in touch with The Student Revolving Loan Fund by using the contact info below.

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Required Documents

Submit the following documents (if applicable):

  1. Completed application form.
  2. Evidence of Barbados citizenship (birth certificate or registration as a citizen).
  3. Certified copies of academic qualifications.
  4. Certified copy of marriage certificate.
  5. Letter of acceptance or confirmation of enrolment from the institution.
  6. Statement of the annual cost of the programme from the institution.
  7. Proof of income or an Affidavit if self-employed.
  8. Certificate of savings to show (if applicable) your ability to cover shortfall between cost of the programme and the maximum amount the SRLF might lend for your category of study.
  9. Description of the programme from the institution.
  10. Health certificate from a Registered Medical Pratitioner.
  11. Copy of transcript or grade slip, if already in the institution.
  12. One (1) certified passport size photograph.
  13. Two (2) Completed ‘Affidavit for Surety’ (inclusive in application package) forms.
  14. Evidence of address of loan applicant & sureties (e.g. electricity bill)

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

The loan is covered by group life insurance and the accumulated premiums are to be repaid by the student during the repayment period of the loan which ranges from five (5) years to twelve (12) years depending on the amount of loan borrowed.

Documents to Use

Student Revolving Loan Fund Application form

Sample Documents

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Processing Time

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Office Locations & Contacts

The Student Revolving Loan Fund
The Elsie Payne Complex,
Constitution Rd,
St. Michael

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

Website

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Video

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

  • Student 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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